Although it is largely assumed that the market value-based assessment of a property is the sale price of a property, it is important to note that the assessment value is not the market value.
Assessors gather registered sales data and physical property details within a marketplace and perform various analysis techniques to achieve the assessment value. Typically, property assessments are calculated by analyzing the range of sale prices groups of similar properties over a period of time adjusted to reflect a specific point in time.
In Alberta, there are two key legislated dates by which certain assessment processes must be complete – the “valuation date” and the “condition date”. The Valuation date ensures that all properties in a municipality are valued as of the same date. The assessment you receive shows the estimated market value of your property on July 1, 2011. The Condition date is the date on which the condition of the property is recorded for property assessment purposes. Your property’s assessment must reflect the estimated value of your property as of the valuation date and the condition of the property as of December 31, 2011.
You are responsible for ensuring your taxes are paid and will be charged late payment fees if your mortgage holder does not pay by June 30th.
If you are currently paying your property taxes by automatic bank withdrawal, you will be notified in writing of the change (if any) to your monthly withdrawal amount. If you are interested in paying your taxes using this program, please contact the Town Office at (780)387-4554. Applicants may apply any time before December 10, 2012 but will not be eligible to start the program until January 2013.
For payments made by mail, the Canada Post postmark is considered as the payment received date. The imprint of a commercial postage meter is not accepted as proof of the mailing date of your payment.
For telephone banking and internet banking payments, please be aware of your bank’s policies regarding the effective date of payment. For property tax payments, confirm that your property tax roll account number is the one registered on your bank’s bill payment menu.
PAYMENTS CAN BE MADE:
Make Cheques Payable to:
Town of Millet
PO Box 270
Millet, AB T0C 1Z0