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Why does my assessment not match my sale price? This is one of the most common themes The City of Calgary hears. So why does my current assessment not match the sale price of my home? Your property assessment reflects the market value of your property – the amount it would likely have sold for on the open market – as of July 1st of the previous year. This “likely” value is determined in two steps: (1) looking at many sales to find the typical value for various factors of a home; e.g. above grade square footage or land size. Then (2) applying these typical values to your home’s factors to get a typical, or “likely” value. This process is called “mass appraisal” and is the legislated method of preparing assessments in Alberta. When assessments are prepared using mass appraisal, more often than not, the sale price of a property will not equal the assessed value of that property. It is important to know that one sale does not make a market. What does “one sale does not make a market” mean ...