Property assessments and market evaluations are two distinct methods used to determine the value of a property, and there are some differences between the two. Here are some key points to consider:
Purpose: Property assessments are conducted by the City of Calgary for the purpose of determining property taxes, while realtor market evaluations are typically used by buyers and sellers to determine a fair market value for the property.
Methodology: Property assessments are generally based on mass appraisal techniques that take into account factors such as the property's location, size, and condition, as well as recent sales data in the area. Realtor market evaluations, on the other hand, are often more detailed and may take into account a wider range of factors, such as the property's age, upgrades, and unique features.
Timing: Property assessments are conducted annually by the City of Calgary, while realtor market evaluations are typically conducted on an as-needed basis when a property is being bought or sold.
Accuracy: Property assessments are generally considered to be reliable for the purposes of calculating property taxes, but may not always accurately reflect the current market value of a property. Realtor market evaluations, when conducted by a reputable and knowledgeable realtor, may provide a more accurate estimate of a property's market value.
Overall, it's important to understand the differences between property assessments and realtor market evaluations when evaluating the value of a property in Calgary, and to consider both sources of information when making important decisions about buying or selling real estate.