A revaluation of property assessment has just taken place. For the sake of transparency, I am thankful that I can check on how the houses on my block are assessed for tax purposes.
I realized soon into examining assessed values of other houses that there are various ways in which prices are determined. Mine is valued on a comparison basis.
I am thankful that someone thinks my house, in comparison to others, is a good value. I’m not sure selling the house at this point would get the assessed value. But I would hope to attain that price.
Which is to say, for small town Saskatchewan, prices are fairly high. I understand that prices just an hour down the road, in a smaller town, are much cheaper.
But this is Saskatchewan. Assessed prices may be what they are, but the question is whether you can find a house that is available for sale. We live in a booming economy. Housing is at a premium. Which may also mean that demand may even create higher prices.
Now, all this meandering is to say that I’m very glad for the purchase made a few years ago. I have a nice house in which I live, with room for others as well! And to be quite honest – I also live in one of the best neighbourhoods in town! I like my neighbours! Which is an intangible in valuing a house. Perhaps my house is worth more just because of my good neighbours!
I just wonder how an assessor takes that into account!!