How are farmland properties assessed differently from residential properties in Alberta?
Correct Answer
B) Farmland is assessed based on its productive value (agricultural use value) rather than market value, using regulated rates set by the province
Under the Municipal Government Act and Alberta regulation, farmland is assessed based on its productivity (agricultural use value) rather than market value. The province sets regulated rates per acre based on soil quality and agricultural productivity. This typically results in significantly lower assessments than what the land might sell for at market value.
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