Alberta School Foundation Fund
A provincial government fund into which all education funds are pooled and then allocated to public and separate system schools across Alberta.
Process of placing a dollar value on property for taxation purposes.
The total value of all assessed property within a municipality.
Categories under which each property is assigned for assessment (residential, non-residential, farmland, and machinery and equipment).
A document provided to each property owner to notify them about the assessment of their property which includes the location, type, description of the property, the assessment class, school support declaration, taxable status, and assessed value.
Assessment Review Board
Quasi-judicial administrative board that provides a forum for property owners to challenge their property assessment, except designated industrial property.
List of all assessable properties including key details and their assessed values which is required to be produced by each municipality each year.
Individuals that are trained and certified to collect and analyze data to determine the value of property.
Business revitalization zone tax
Tax imposed on businesses within a designated land area to fund improvements that will beautify and maintain the area.
Tax imposed on business owners (not property owners) within a municipality’s boundaries.
Community aggregate payment levy
Levy on all sand and gravel businesses operating in a municipality to raise revenue to pay for infrastructure in the municipality.
The date on which the physical condition of the property is fixed for property assessment purposes. The condition date in Alberta is October 31 for designated industrial property and December 31 for all other property.
One of three approaches used to value property for assessment purposes. The cost approach is based on the theory that a purchaser would not pay any more to purchase a property than it would cost to buy the land and then rebuild the same buildings or improvements.
Court of Queen’s Bench
Alberta’s superior trial court that hears appeals on decisions of assessment review boards.
Designated industrial property
Property that includes linear property, railway, and specific major plants (e.g. large refineries, upgraders, pulp and paper mills).
The amount of tax a municipality must collect on behalf of the province to fund Alberta’s primary and secondary education system.
The amount each property must contribute towards a municipality’s overall provincial education requisition. It is included on each property owner’s tax bill.
An annual calculation to adjust the assessment data that each municipality reports in order to reach a level of fairness in assessment values for distributing the provincial education property tax requisition and provincial grants among municipalities.
Buildings, or other structures, and attachments to land that are intended to remain attached (i.e. sidewalk, pavement, etc.).
One of three approaches used to value property for assessment purposes. The income approach is based on the theory that the value of an income-producing property is based on its income-earning potential.
Property that generally has distribution networks or other facilities, and may extend across municipal boundaries (i.e. oil and gas wells, pipelines and electrical power systems).
Local improvement tax
A tax imposed on a specific area in a municipality to pay for an improvement that is only applicable to that area (i.e. paving of an alley).
The most probable price that a property might sell for on the open market between a willing seller and a willing buyer.
Market value standard
A property assessment standard based on the market value of property.
Process of valuing a group of properties as of a given date, using common data, mathematical models and statistical tests. The process allows assessors to accurately value a large number of properties in a short period of time.
Municipal Government Act
The legislation governing most aspects of municipal government activities in Alberta.
A parcel of land, an improvement, or a parcel of land and an improvement to the land.
The process of applying a tax rate to an assessed value of property to generate revenue to fund the delivery of services.
The physical parcel of land and all improvements permanently attached.
Property that is assessed using prescribed rates and procedures (i.e. farmland, machinery and equipment, linear property and railway property) instead of the market value standard.
A property assessment standard based on rates and procedures prescribed by the Government of Alberta.
Sales comparison approach
One of three approaches used to value property for assessment purposes. The sales comparison approach is based on the theory that the value of a property is directly related to the prices of similar properties.
A tax to fund a special service that will benefit a defined area within a municipality.
Assessment of improvements to a property that were constructed during a year but not captured on the annual assessment notice.
Levy of taxes based on a supplementary assessment.
Taxes that remain unpaid after December 31 of the year in which they were imposed.
Percentage of assessed value at which each property is taxed in a municipality. Some municipalities express this in terms of mills or a mill rate.
A fixed point in time on which assessment values are based. The valuation date in Alberta is July 1.
Well drilling equipment tax
One-time tax that is imposed on new oil and gas wells that are drilled. The tax is based on the depth of the well and is intended to fund the cost of infrastructure.