Should my assessment match the sale value of my property?

In most cases, your assessment will not match your property’s selling price today. During a revaluation year, assessments are calculated based on the market information from two years previous. (So the 2017 revaluation used sale information from 2015, and the 2021 revaluation will use sale information from 2019).

As well, property sales are affected by many other factors, such as a buyer’s interest in a specific property and a seller’s willingness to reduce sale prices. Fair value assessments are reflective of the average value, determined by comparing the sales of properties with similar uses and characteristics.