What Is A City Assessment?
A general assessment means that new values are established for all properties in the city. Provincial legislation requires the City of Winnipeg to do this every two years using market values as of a specified reference date.
Several factors go into assessing your property:
It is assessed at its market value, or the price your property could generally sell for on the real estate market as of the reference date. The reference date is April 1 of the year two years before the general assessment year.
The City assesses the value of both your land and buildings to get a total property assessment. It estimates your property value by studying sales of similar properties and comparing lot size, local improvements, location, building age, size, quality of construction, and condition. Even if you built it yourself, the City judges your building by the same criteria as other buildings so it can equitably assess all similar buildings.
The City factors depreciation for normal deterioration into your building’s assessment
