Property Assessment Information

Your assessment, the marketplace and the City of Cold Lake

In the real estate market, property values are determined through transactions.  In the City of Cold Lake, all residential, multi-residential, commercial and industrial properties are affected by Market Value Assessment.  Assessors for the City of Cold Lake monitor these values and transactions to effectively establish your property assessment.

 

What is Market Value Assessment (MVA)?

Market Value Assessment is a provincially legislated method of property assessment.  Each year this method of assessment is used in Cold Lake to determine taxation levels.  Simply, your MVA is the most probable selling price of the property on July 1st of the previous year.  

How is my assessment calculated?

Under MVA property values are updated every year by the City Assessors.  The market assessment reflects changes in home sale trends like location, property and neighborhood improvements, and general economic trends.  The assessor also takes into consideration other details such as the size and age of the home, any special features, and the condition of the property.  The property is then compared to similar properties to establish the most probable selling price.  When the values of properties in your community change, you can expect your property assessment to change accordingly.

How does property assessment relate to property taxes and how are my taxes calculated?

Your property tax is made up of a municipal levy, a provincial (education) levy and a seniors housing levy.  These levies are based on the assessed market value of your property.  Each property's assessed value is divided by 1,000 and multiplied by the tax rate.  The provincial government sets the education levy and the Municipality is required to collect this tax on behalf of the province.  The Lakeland Lodge and Housing Authority also requisitions the City to collect taxes on its behalf.  In addition, local improvement charges may apply to some properties.

 

What if I'm unsure my assessment is accurate?

Compare with others.  Is your assessment in line with neighbors who have similar properties or with properties for sale in your neighborhood?  Ask yourself:  If I were to sell my property, approximately what value could I expect to receive for it?  Are there any special features of your property that might affect the value, i.e.) basement suite, pool, hot tub, size and location?  If the MVA of your property is within 10% of the estimated selling price, it would be considered a fair valuation.

 

What if I still disagree with my assessment?

If you believe an error has been made on your property assessment, we encourage you to contact the Tax Department at Cold Lake City Hall prior to filing a claim. The Tax Department will put you in touch with the City's Assessor. Once you have spoken with the assessor, if you are still not satisfied, you may file a written complaint to the Assessment Review Board.  All complaints must be in writing and include the appropriate fee.  Complaints should explain why you believe the information shown on the assessment and tax notice is incorrect.  You must ensure that your complaint is received on or before the final date for complaint as indicated on the front of your Property Tax Notice.  Assessment complaints must be returned to:   

City of Cold Lake, 5513 48th Ave., Cold Lake, AB T9M 1A1

Telephone: 594-4494 Fax: 594-3480   Email: taxes@coldlake.com

 

Assessment Complaint Fees:

Residential:    $25.00/property

Nonresidential:   $100.00/property


Please note that an appeal does not exempt the claimant from paying on time.  Taxes must be paid on or before the indicated due date.  If an appeal is successful, fees will be refunded and an adjustment will be made to the associated tax account.