Editor:
I find the lack of detail on how Canmore property assessments are carried out perplexing.
Property owners are given a spiel that our “property assessments are carried out in strict accordance with Alberta legislation that mandates assessments reflect the market value, utilizing mass appraisal principles.”
In the Feb. 29 edition of the Outlook, the Town of Canmore indicates the assessed value is based on the economic conditions on July 1, 2023, and the physical condition and characteristics of the property as of Dec. 31 of the previous year.
Communication with the assessor, Benchmark Assessment Consultants Inc., indicates the assessment is based on the direct sales comparison approach. This, to me, is not necessarily in alignment with the Town’s messaging.
Canmore and the assessor indicate the process is transparent and fair and I find an underlying theme of arrogance that property owners would not be able to understand how assessments are determined. I have graduate degree courses in statistics and data analysis.
As an estate executor, I have had to have multiple properties value assessed for probate – in each case the assessor provided all the details and assumptions for the assessment.
While the Town provides information to property value assessments, it does not publish the details that are the basis for the property assessment increases. Further, I examined property value increases over time for four homes on the same street, the appreciation varied widely so it would be helpful to understand the factors that the assessor is using.
There should also be publicly available clarity on the definitions like what exactly is “average condition” for a 20+-year-old home?
On Feb. 12, 2024, Business News Network covered a real estate analysis of cottage pricing in Muskoka, Ontario. The analysis showed a bifurcated market – luxury properties were growing in value, but properties under $1.5 million were dropping in value.
Given the greater dollar amount of the luxury properties analysis could skew assessment results and indicate non-luxury homes having a greater property assessment than they are worth. Might this happen with Canmore property assessments? Without disclosure, Canmore property owners don’t really know whether they have a fair assessment.
Russ Redshaw,
Canmore
