What’s An Assessment?
Property assessment is the process of appraising and assigning a dollar value to property for taxation purposes. Market Value assessments are considered the most fair and equitable means of assessing property as those with similar properties will pay similar amounts in property tax.
Some properties have regulated values and others have non-regulated values. The Market Value assigned to a residential property is based on a valuation date of July 1st and the physical condition of the property as of Dec 31st of that year.
For example, if construction of a residential garage was started in October 2018 the assessment is prepared based on the physical condition of the garage on Dec 31st, 2018. That is, if the garage was complete, as of Dec 31st, 2018, it would be added to the 2018 Assessment. If the garage was only 60% complete, only 60% of the completed value would be added to the 2018 Assessment. The value of the garage is then adjusted, if necessary, to reflect the market conditions as if it were in place July 1st, 2018. This is would be called the 2018 Property Assessment.
The 2018 Property Assessment is used to calculate 2019 Taxes.
How Are Taxes Calculated?
Assessors prepare the assessments.
Cypress County Council sets the tax rate. Once council approves an annual budget to operate their municipality, the revenue required is divided by the municipality’s Assessment Base.
Revenue Required / Assessment Base = Tax Rate (mill rate)
Then the tax rate is applied to each property.
(Property Assessment) X (Tax Rate) = Taxes Payable.
The Total 2018 Assessment Base is $ 5.455 Billion. The following chart shows total assessment and percentage of the base for each property type.
What if I Disagree With My Assessment?
The goal of the assessment department is accuracy and equitable assessments. Contact the Assessment department if you have any questions or concerns regarding your assessment.
After discussing your concerns with an assessor if you still believe your assessment unfair or incorrect you may file a written complaint.
Complaints can only be heard for matters related to Assessments. Example: "I do not agree with the Market Value assigned to my property."
Tax bill and tax rate complaints may be directed toward council. Example: "I do not agree with the amount of taxes I have to pay."
2018 Market Analysis
The sales analysis for the assessment year has been wrapped up. In general, the residential real estate market still experienced growth this year (July 1st, 2017 – June 30th, 2018) as indicated by both the volume of sales and sale prices. The Market Value increases vary in Cypress County because the large area. A big county like ours tend to have many market locations (neighbourhoods) that perform differently as buyers and seller select their perfect place to call home. A few of the highlights include median changes of:
| Desert Blume
These are typical changes for the overall areas; the actual results of your property may vary. The sales used to calculate your assessment are from July 1st 2017 to June 30th, 2018. The valuation date is July 1st, 2018.
This is a map of the market locations
. Locations have been determined over the years through groups of sales where similar properties sell for the same amount. Other supporting variables considered when determining market locations are distance to shopping centers, major employers (such as the hospital) and appraisal opinion. A residential sales sheet
, including improved sales between July 1st, 2015 through June 30th, 2018 can be used to compare your property. The sales sheet indicates the market location of the sale which refers to the map.