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Property Assessments
How Properties are Assessed
Assessment and taxation are regulated by the provincial government.

View A Guide to Property Assessment and Taxation in Alberta for more information. Or visit the Ministry of Municipal Affairs website.

Residential Property Assessment
Your residential property is assessed at its approximate market value (the amount a property would sell for on the open market).

Market value is determined annually by an experienced assessor contracted by the Town. The assessor tracks sales in Banff and uses this information to estimate the market value of your home compared with other properties that have sold. The assessor also keeps track of renovations that may increase the value of your property.

If you would like the assessor to inspect your property, call toll free 1.844.633.8605. 

Commercial Property Assessment
Commercial property is assessed using the income approach. First, the Town of Banff appraiser calculates a Net Operating Income for the property. This is calculated by determining the potential gross annual income of a property, then subtracting a typical vacancy allowance, management fees and structural maintenance costs.

The Net Operating Income is then divided by a Capitalization Rate (9 per cent for retail and industrial properties and 10.5 per cent for hotel properties), and the result is the market value assessment for the property.

Property Assessment Notices
Property assessments are undertaken annually. Notices of assessed value of your property are mailed to you each spring. Assessment notices are not tax bills. They are sent to advise you of the assessor's estimate of the value of your property.

How Assessments Inform Property Tax
Taxes are calculated by multiplying the assessed value of a property by the tax rate, set by Council, usually in April of each year.

If You Disagree With Your Assessment
If you think your assessment is not accurate, check with us first at 403.762.1230. If we have made a simple error, we will correct it immediately.

File a Complaint
Complaints must be filed on the appeal date indicated on your assessment notice. See Assessment Complaints for more information about the complaint process.

Contact
Assessment Review Board Clerk
403.762.1230