Dispute Property Assessment

[marctews]

I have a property in Calgary that I bought last year for $472,000 in May. The City assessment is showing $535,000 (as of July 2008).

I`m wondering if my purchase price, since I dealt at arm`s length, shouldn`t be a reflection of market value. I realize the City`s figures never accurately line up with market but do I have a case for disputing the value?

Anyone ever disputed their value and if so, on what basis?

Thanks in advance.

Marc

 

[ekisielewski]

QUOTE (marctews @ Jan 31 2009, 03:52 PM) I have a property in Calgary that I bought last year for $472,000 in May. The City assessment is showing $535,000 (as of July 2008).

I`m wondering if my purchase price, since I dealt at arm`s length, shouldn`t be a reflection of market value. I realize the City`s figures never accurately line up with market but do I have a case for disputing the value?

Anyone ever disputed their value and if so, on what basis?

Thanks in advance.

Marc


Hi Mark: I disputed mine. Similar case to yours but difference not as large. My basis was my purchase price. I had actually bought below market value and Mcap changed it - no argument - no problem.

Definetly worth trying since future assessments will be based on current one.
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Elisabet - Ontario