Your assessment is used to equitably distribute the revenue required from property taxes that support services such as police, fire and ambulance, parks, streets and roads, corporate services, libraries, and other programs necessary to maintain the high level of municipal services enjoyed by the people of Lethbridge.
Government of Alberta legislation requires your City to update your property assessment annually, based on market value assessment.
- Since 1995, Provincial legislation states that municipalities must use market value assessments to determine each property's fair share of revenue requirements from property taxes for municipal and provincial education services.
- The market value standard has been used around the world since the 1970s. It is considered to be the most fair, equitable, and transparent manner to distribute property tax revenue requirements.
- Property owners can readily see, compare with similar properties, and understand the current value of their property.
- Market value assessment is a method that reflects the relative economic capacity and ability of property owners to pay taxes.
"Market value is the amount that a property...might be expected to realize if sold on the open market by a willing seller to a willing buyer." Municipal Government Act Section 1(n), Province of Alberta.
Under provincial legislation, your assessment must reflect the market value of the property on July 1 and the physical condition of the property as of December 31, of the year prior to the taxation year. This assessment is used to determine taxes.
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