We are engaging with municipal and industry stakeholders to reinitiate an assessment model review (AMR) and develop long-term review plans to ensure the regulated property assessment system is updated. The outcome of the review is expected to result in fairer valuation of regulated property.
In recent years, many stakeholders have expressed concerns that regulated property assessments, last updated in 2005, no longer reflect current technologies or construction costs. A previous engagement with municipal and industry stakeholders to update models used to assess wells, pipelines and wellsite machinery and equipment from 2019 to 2020 was paused and no changes were made.
Results under review
Who is listening
Phase 1: Steering Committee Engagement (May-Fall, 2022)
Associations representing the energy sector, forestry, manufacturing, assessment practitioners and municipalities will nominate a representative to establish and participate in a stakeholder steering committee to:
- co-design an engagement process for the broader review
- recommend key principles for Alberta’s regulated property assessment system.
The steering committee will submit their engagement plan recommendations to the Minister of Municipal Affairs for approval.
Phase 2: Assessment model discussions (TBD)
Following approval of the engagement plan, Phase 2 will involve implementation of the engagement plan, to open discussions with stakeholders about the assessment models for the various types of regulated properties, and to explore options for updating those models. In addition, stakeholders will be engaged on potential updates to assessment year modifier methodology and the regulated industrial property assessment (RIPA) guidelines.
Recommendations from the stakeholder steering committee will inform future engagement approaches and timelines.
Agricultural stakeholders will be engaged on regulated assessment related to farm property at a future time. A separate stakeholder steering committee will be established to recommend an engagement process for this group.
The Assessment Model Review process will update Alberta’s regulated property assessment system to reflect current construction costs and methods resulting in fairer valuation.
Last updated: June 16, 2022