Why is Wetaskiwin using market value assessment?

It is agreed throughout North America that the market value assessment is the most fair and equitable way to assess a property's value. It ensures that homes with similar market values within the same neighbourhood and within the same city will pay similar property taxes.

Alberta was one of the last jurisdictions in North America to switch to market value assessment. The old assessment methods worked on an eight-year cycle and sometimes led to dramatic swings in property values. Market value assessment uses annual reassessments to minimize fluctuations.

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1. What is market value?
2. Why is Wetaskiwin using market value assessment?
3. How often are assessments completed?
4. What is mass appraisal?