Property Assessment

Categories of Classification

• Residential

  Farm Use: If your property IS USED as part of a farming/ranching operation.

  
  Land: The first 3 acres of improved residential land is assessed at 100% of the 2024 typical market value using mass appraisal principles. The remainder of the land is assessed at agricultural values. The Rural Assessment Policy applies the amount of agricultural land assessment in the owner's unit as an exemption towards the primary residence. This procedure is applicable for all farm residential properties that are greater than 3 acres in size.
  
  Improvements (Buildings): Buildings are assessed at 100% of the 2024 depreciated replacement cost with adjustments for market value conditions. The depreciated replacement cost is the cost of materials and labour to construct a new similar building less the loss in value due to age, condition, desirability and utility. Farm outbuildings are exempted from assessment to the extent that they are used for farming purposes.

  
  Non-Farm Use: If your property is NOT USED as part of a farming/ranching operation.

  
  Land: The entire land area is assessed at 100% of 2024 typical market value using mass appraisal principles.
  
  Improvements (Buildings): Buildings are assessed at 100% of the 2024 depreciated replacement cost with adjustments for market value conditions. The depreciated replacement cost is the cost of materials and labour to construct a new similar building less the loss in value due to age, condition, desirability and utility.

• Non-Residential

  This category of property refers to either industrial or commercial property uses. Those which have a multi-purpose use, such as a commercial business operating from a residential acreage, would have the commercial portion of the assessment classed as non-residential.

  Land: Land is assessed at 100% of 2024 typical market value using mass appraisal principles.
  
  Improvements: Buildings are assessed at 100% of 2024 depreciated replacement cost, with recognition of market factors.
  
  M&E: Machinery & equipment is assessed at 77% of 2024 depreciated replacement cost.
  
  Linear Property: Linear property, which includes power and pipeline, is a sub-class of the non-residential properties. This category consists of electric power transmission lines, oil and gas pipelines, cable and cellular transmitting equipment, and towers used in conjunction with such operations.

• Farmland

  Farmland is assessed on the ability of land to produce agricultural products. The assessment takes factors such as soil quality, topography, stones, creeks, etc., into consideration. The 1984 Farmland Assessment Manual was utilized in preparing farmland assessments at the 100% level of assessment.