How Properties are Assessed
Assessment and taxation are regulated by the provincial government.
View A Guide to Property Assessment and Taxation in Alberta (PDF) for more information. You can also 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.
The 2019 property assessment notices were mailed on February 15, 2019. If you have not received your notice, call our office at 403.762.1230.
If you think your assessment is not accurate or if you have questions, call please contact the Property Assessor at 403.688.0469. Many issues can be resolved without going to formal appeal, by talking with the Property Assessor.
If your issues are not resolved, you can appeal your property value assessment by April 18, 2019. Tax notices sent in May cannot be appealed.
The total assessed value of all residential properties in Banff increased by 13% last year. To find out how that affects you, visit the March 11 Council Update.
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.
File a Complaint
Complaints must be filed on the appeal date indicated on your assessment notice. See the Assessment Complaints page for more information about the complaint process.