What is market value?

Market value is the most probable price a property might be expected to realize if it sold on the open market (by a willing seller to a willing buyer). Assessors do not create your property value. The marketplace determines the value of your property, and that value is the basis for property assessment.

In determining property assessments, assessors use sales records of similar properties to determine values. An excellent way for property owners to look at property values in Wetaskiwin is to review the real estate section of the newspaper and speak with local real estate agents.

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1. What is market value?
2. Why is Wetaskiwin using market value assessment?
3. How often are assessments completed?
4. What is mass appraisal?