In a volatile Alberta real estate market heavily influenced by oil prices, how should an assessor handle rapidly changing property values when the valuation date is July 1?
Correct Answer
B) The assessor must use market evidence from around the legislated valuation date of July 1, even if the market has changed significantly since then
Under Alberta's assessment legislation, the valuation date is July 1 of the prior year, and the assessor must use market evidence from around that date. Even if Alberta's oil-dependent market has changed dramatically since July 1, the assessment must reflect conditions as of that date. This can create situations where assessments seem disconnected from current market reality.
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