Market Value of Your Home vs Municipal Assessment

Market Value VS Municipal Assessment

It is very common for homeowners to confuse the market value of their property with its municipal assessment. However, these two values serve completely different purposes and can vary significantly.

Market Value

The market value represents the most probable price at which your home could sell on the market, at a specific date, under normal conditions. It is influenced by several factors, such as supply and demand, the condition of the property, renovations completed, location, and recent sales of comparable properties. This value constantly evolves with the real estate market.

Municipal Assessment

Conversely, the municipal assessment is established by the municipality for taxation purposes. It is determined through an assessment roll that is generally updated every three years, which means it can lag behind market reality. Additionally, it relies on a mass appraisal approach rather than a detailed inspection of each property.

A Normal Gap

In practice, it is therefore normal to observe a gap between these two values. The municipal assessment provides a general indication, but only a professional appraisal can deliver an accurate and current estimate of your property's market value.

The Role of the Certified Appraiser

As a certified appraiser and member of the Ordre des évaluateurs agréés du Québec, my role is precisely to provide you with an objective, rigorous, and situation-specific value opinion.