The City of Calgary uses a few methods of how they calculate their property assessments:
Sales comparison approach - sales of similar properties.
Income approach - capitalize the income being generated by the property.
Cost approach - land value plus the depreciated replacement cost of the property.
Residential Property Assessment
When we prepare residential assessments, we typically look at all similar properties within a similar area that are sold during the same timeframe. When properties are sold, there is a range of sale prices. Assessed values are based on these prices. This is called the sales comparison approach to valuation.
Multi-Residential Property Assessment
For multi-residential property assessments we use the income approach to valuation - capitalize the income being generated by the property.
Non-residential Property Assessment
In determining non-residential assessments, the City uses one of the three approaches to value stated above.
Research what your own tax assessment is by going to: https://assessmentsearch.calgary.ca/TermsOfUse.aspx