Executive Summary
This property report is for the purpose of determining whether the client property should be
recommended proceed to the ARB (Assessment Review Board). The function of this report is to
determine six comparable properties based on the characteristics of the subject property. These
six comparable properties and the subject property will be compared both visually and statistically.
Our comparison will take into account the difference between the comparable properties sale price
and there assessed value. Based on the difference we will then calculate the subject properties
assessed value. It will then be recommended to the client whether or not to proceed to review and
the amount of the suggested assessed value. The subject property will be identified by the letters
D-F and no address will be specified. Subject property D-F had the following characteristics that
were given: Price: $300,000, Assessed Value: $378,000, MBMANCLS: 90, Age: 21 years,
Bedrooms: 3, Living Area: 1743 ft.², Frontage (Width): 70 feet, Depth: 118 feet.
Report
The comparable database consisted of 260 properties based on sale statistics from the City of
Edmonton. It is assumed that all the data in the database is correct and without error. Additional
information in the database included variables such as bathrooms, fireplaces, neighbourhood,
original assessment-to-sale ratio, cost ASR, market value and market ASR. This information was
not available for the subject property and thus not included in the search refinements and
comparable characteristics for the subject property D-F. The lot size of the subject property was
not given, and therefore had to be calculated by multiplying the width times the depth of the
property: Lost Size = 8260 ft.². The original ASR which is calculated by taking the assessed value
divided by the sale price, was also calculated to be, 126%. The cost value, cost ASR, market value
and market ASR were not determined.
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Several different sorts by property characteristics were conducted. Each advanced sort had its own
unique combination of property characteristics. These sorts were performed in order to be
acquainted with the possible comparable properties. Three different sorts provided set of 12
properties. Several properties appeared in two or more sorts. A review by the appraiser showed
that these comparable properties were still not sufficient enough in their characteristics to be used
as the final comparables. A further process of filtering the database by the property characteristics
and their corresponding values helped produce a list of eight comparables. The property
characteristics parameters that were used to filter are as follows:
Living Area: 1500 to 1900 ft.²
Width: 60 to 80 feet
Age: 13 to 23 years
Bedrooms: 3
Manual Class: 90
Lot Size: 7760 ft.² to 8760 ft.²
A list of six comparable properties that we believe are representative of the subject property were
determined.
Several mean values were calculated along with the mean original ASR. The mean ASR (85.015)
and the largest ASR of Comparable #1 (90.94) were used to calculate the range of the new adjusted
assessed value. The new adjusted assessed value range $255,045-$272,820 is considerably lower
than the current assessed value of $378,000. A difference in the range of $122,995-$105,180.
It is the recommendation of this report that the client continue on to assessment review at the
ARB. We are confident that we have supplied valid statistical information in order to support the
lowering of the clients assessed value by the ARB.
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