Property Assessments
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City of Cold Lake
In the real estate market, property values are determined through transactions. In the City of Cold Lake, all residential, multi-residential, commercial and industrial properties are affected by Market Value Assessment. City Assessors monitor these values and transactions to establish your property assessment. As a property owner, the taxes you pay are proportionate to the value of your property. While property owners cannot appeal their tax notice, property assessments can be appealed.
Important 2024 dates
| Item | General timeline | 2024 date |
|---|---|---|
| TIPPs sign-up deadline | Anytime of year | No deadline |
| Property assessments mailed | Early March | March 1, 2024 |
| Property assessment open house | Early April | April 25, 2024 |
| Property assessment appeal deadline | Early May | May 7, 2024 |
| Property tax notices mailed | Early June | TBA |
| Property tax payment due | End of June | TBA |
Frequently Asked Questions (FAQ)
| What is Market Value Assessment? |
| Market Value Assessment (MVA) is a provincially-legislated method of assessing property. Each year, this method is used in Cold Lake to determine taxation levels. Simply put, the MVA is the most probable selling price of your property on July 1 of the previous year. |
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How is my assessment calculated? |
| Using Market Value Assessment (MVA), property values are updated every year by City Assessors. The MVA reflects changes in home sale trends like location, property and neighbourhood improvements and general economic trends. The assessor also takes other details into consideration, including the size and age of the home, any special features and the condition of the property. It is then compared to similar properties to establish the most probable selling price. When the values of properties in your community change, you can expect your property assessment to change accordingly. |
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Can I view my assessment online? |
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Yes, use the Citizen Self Service tool to create an account. You will need your tax account number to register. If you don't know your tax account number, call the Tax department at 780-594-4494 or email taxes@coldlake.com. |
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How are my property taxes calculated? |
| Your property tax is made up of a municipal levy, a provincial education levy and a seniors housing levy. The Government of Alberta sets the education levy and the City is required to collect this tax on behalf of the province. In Cold Lake, the Lakeland Lodge and Housing Authority also requisitions the City to collect taxes on its behalf. As a property owners, the levies you pay are based on the assessed market value of your property. Each property's assessed value is divided by 1000 and multiplied by the tax rate. In addition, local improvement charges may apply to some properties. |
| How can I ensure my assessment is accurate? |
| Compare it with others in your neighbourhood. Is your assessed value in line with neighbours who have similar-sized properties. Are there any special features of your property that might affect the value? (ex: basement suite, pool, hot tub, size or desirable location). It is important to remember that the assessed value is as of July 1 of the previous year. |
| What if I still disagree with my assessment? |
| If you believe an error has been made on your property assessment, we encourage you to contact the Finance department to book an appointment with a City assessor before filing an appeal. Each spring, the City hosts a Property Assessment Open House, where property owners can schedule one-on-one appointments with a City assessor to discuss their assessment. If after speaking with an Assessor, you are still not satisfied, you may file a written appeal to the Assessment Review Board. |
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Appealing your assessment |
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Important to note: Submitting an assessment appeal does not exempt a property owner from having to pay their taxes on time. Taxes must be paid on or before the due date stated on the tax notice. If an appeal is successful, payment will be refunded and adjustments will be made to the tax account. All appeals must be submitted in writing and include the required fee. Appeals should explain why you believe the information shown on your assessment and tax notice is incorrect. You must ensure your appeal is received on or before the appeals deadline stated on your property tax notice. Assessment appeals can be mailed or submitted in person to: City of Cold Lake or emailed to taxes@coldlake.com Appeal fees: |
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