The Municipal Government Act

 

Definitions:

 

Market Value: 

Market value is defined in section 1(n) of the MGA as:

"… the amount that a property might be expected to realize if it is sold on the open market by a willing seller to a willing buyer."

 

Assessment:

"Assessment" is defined in section 284(1)(c) as a value of property determined in accordance with Part 9 of the MGA and the regulations.

 

Property: 

"Property" is defined in section 284 (1)(r) as being a parcel of land, an improvement, or a parcel of land and the improvements to it.

 

In the case of a condominium unit, the property is that unit's share in the common property and strata space.

 

Note: The Standards of Assessment Regulation (AR 365/94) section 11, in part, states that an assessment must be an estimate of the value of the fee simple estate in the property. A fee simple estate is absolute ownership unencumbered by any other interest or estate. It is the full bundle of rights. Although the definition of "property" in the MGA is defined as physical land and improvements, with the fee simple estate being identified in AR 365/94, effectively what is being valued is "real property".

 

Parcel of Land:

The MGA defines a "parcel of land", section 1(1)(v), as including:

 

• Any lot or block on a subdivision plan registered at Land Titles.

 

Improvement: 

An "improvement" is defined in section 284(1)(j) as including:

 

• A structure
• Any thing attached or secured to a structure that would be transferred without special mention by a transfer or sale of the structure
• A designated manufactured home
• Machinery and equipment

 

Section 291(1) states that "an assessment must be prepared for an improvement whether or not it is complete or capable of being used for its intended purpose."

 

Section 291(2) states that no assessment is to be prepared for:

 

• Linear property that is under construction but not completed on or before October 31, unless it is capable of being used for the transmission of gas, oil, or electricity
• New improvements that are intended to be used for, or in connection with, the manufacturing or processing operation and are not completed on or before December 31
• New improvements that are intended to be used for the storage of materials manufactured or processed by the improvements referenced above if the improvements are not completed or in operation by December 31.

 

Assessment Classes: 

Once the assessment of property is prepared, the assessor must assign an assessment class to the property (section 297):

 

• Class 1 - residential
• Class 2 - non-residential
• Class 3 - farm land
• Class 4 - machinery and equipment

 

For additional information regarding assessment details for your property contact the assessor at the MD of Taber Office (403) 223-3541