County Assessors will begin property re-inspections around several sections of the region around the City of Grande Prairie and the Town of Sexsmith from March 1st to July 1st.
According to the county, properties are assessed on a five-year cycle to determine their estimated market value, to be used during property tax calculations.
This year, assessors are to focus on Township and Range Roads around the city of Grande Prairie and the Town of Sexsmith. Those subject to property reinspection will have already received a letter and an information request from the county in February asking residents to self-report changes to their property.
The County says three approaches will be utilized during the assessment process: Sales Comparison based on the actual sale prices of other properties sold, Cost Approach based on the cost of replacing an “equally desirable” substitute of the property, and Income Approach, based on the property’s ability to produce an income such as rentals and leasing.
Assessors will be conducting re-inspections during regular business hours and if a staff member needs to speak with a resident, the county says they will knock on front doors or leave a call-back card if a resident is not home.
