What is an equitable assessment?
If other similar properties in your area are assessed below their market values, then it may be equitable for your property to also be under its market value.
- You have a small commercial building.
- The majority of commercial buildings in your municipality are assessed 15% below their market values.
- To be fair or equitable, your assessment should also be approximately 15% below your property's market value.
What should I do?
Look at how similar properties are assessed:
- Are they assessed at their market value? or,
- Are most under assessed (below their market value)?
You need to
- Decide which properties you want to compare with. You could compare your property to similar properties in:
- the entire municipality. or
- your neighbourhood, or
- a smaller area.
- Show these other properties are assessed significantly below their market values.
It is difficult to find the market values for your property and for similar properties. We will give you some assistance later in this website.
What if my property is also assessed above its market value?
You should examine the issue my assessment is not at market value (too high or too low). You might have both a market value and an equity issue. It is easier and more effective to first examine the market value.