Hey Jason: Is My Tax Assessment What My House Is Worth?

Published June 2026 · Updated June 1, 2026 · By Jason Todd, Calgary REALTOR® · Southeast Calgary (Mahogany, Sundance, Auburn Bay, McKenzie Towne)

In May 2026, I compared detached home sales under $800,000 to city tax assessments across southeast Calgary. In Mahogany, 12 sales averaged 7.6% below assessed value — roughly $678,000 sold versus $740,000 assessed. In Sundance, 9 sales averaged 7.7% above assessment — roughly $732,000 sold versus $680,000 assessed. Same city. Similar price range. Opposite direction. That gap is why your assessment notice is not your list price.

Tax Assessment Season in Calgary

I get this question every year.

Assessment notices show up.

People open the envelope.

Then I start getting messages.

"Jason… does this mean my house is worth this now?"

Fair question.

Short answer: no.

Your tax assessment and your home's market value are not the same thing.

Sometimes they're close.

Sometimes they're not.

And one of the easiest ways to show that is to look at what buyers actually paid — the same sold data I use when someone asks me what is my home worth, or when a neighbour's sale sparks the question from my last Hey Jason piece.

What Is a Tax Assessment?

Your city assessment exists to help calculate property taxes.

It's not designed to predict exactly what your home would sell for if you listed tomorrow.

The city doesn't walk through every renovation.

They don't know if your basement was finished.

They don't know if buyers suddenly started preferring your floor plan.

And they definitely don't know what happened in your exact neighbourhood last month.

Assessments are useful.

But they're estimates.

Market value is something different.

Market value is what an actual buyer agrees to pay.

What the Data Shows

I pulled May 2026 detached home sales under $800,000 with tax assessed value on the MLS record and compared final sold prices to those assessments. Two communities jumped out.

In Mahogany, detached homes sold for an average of 7.6% below assessed value (12 sales). That means a home assessed around $740,000 sold closer to $678,000 on average.

Now look at Sundance.

Detached homes sold for an average of 7.7% above assessed value (9 sales). Assessed around $680,000; sold closer to $732,000 on average.

Same city.

Similar price range.

Completely different result.

If tax assessments represented exact market value, that shouldn't happen.

But it does.

Because buyers don't know what your assessment notice says.

Buyers decide value.

When I expanded the comparison across more southeast Calgary communities, the pattern stayed inconsistent:

Source: MLS® sold data, Pillar 9 / CREB®, detached sales under $800,000 with tax assessed value on file, May 2026. Figures believed accurate at time of writing; not intended as an appraisal. Not all sold listings include assessed value.

Some communities sold above assessment.

Some sold below.

That alone tells us assessment isn't market value.

Want to see how homes in your community actually sold compared to tax assessed value? Send me a message. I'll pull the data and show you.

So How Do Realtors Figure Out Value?

When someone asks me what their home is worth, I don't start with the assessment.

I start with sold data.

What sold?

How similar was it?

How long did it take?

Did buyers compete?

Did the seller reduce the price?

That's where the real story is.

I've seen homes sell above assessment.

I've seen homes sell below assessment.

I've seen homes on the same street end up with completely different results.

That's why I spend more time looking at sold properties than active listings — and why pricing strategy matters as much as picking the right comp, as I covered in my piece on Cranston and Mahogany days on market.

Jason's Take

I wouldn't ignore your tax assessment.

But I also wouldn't use it to decide your list price.

Think of it as one piece of information.

Not the answer.

Your home's value today depends on buyer demand, competition, condition, pricing strategy, and what similar homes have actually sold for recently.

The market decides value.

Not the envelope.

Frequently Asked Questions

Is my tax assessment what my house is worth?

No. Your assessment helps the city calculate property taxes. Market value is what a buyer actually pays — and in May 2026, Mahogany and Sundance detached sales under $800,000 averaged 7.6% below and 7.7% above assessment respectively.

Why did my neighbour's assessment change but mine didn't?

Assessments reflect the city's mass-appraisal model and timing, not a walk-through of each home. Upgrades, lot position, and recent sales in your pocket can all move market value without matching the assessment line on your notice.

Can I use my assessment to set my list price?

I wouldn't. List price should come from recent sold comps, days on market, and buyer demand in your community — not the number on your tax notice.

How do I find out what my Calgary home is actually worth?

Look at several recent sold properties that truly compare to yours, or ask a local REALTOR® to pull MLS comps. Start with a Home Value Estimate, browse community pages like Auburn Bay or McKenzie Towne, or read up on How Selling Works and How Buying Works if a move is on your radar.

When are Calgary property assessments sent out?

Notices typically arrive in the spring or early summer each year. The assessed value on your notice reflects the city's valuation cycle — not a live snapshot of what your home would sell for today.

More in the Hey Jason Series

Previous: What Is My Home Worth? — Cranston and Mahogany detached sales, days on market, and pricing strategy. Also read: Why Did My Neighbour's House Sell for More Than Mine? — McKenzie Towne row home comps. Browse all Hey Jason articles.

Have a Calgary Real Estate Question?

Wondering how homes in your Mahogany, Sundance, or southeast Calgary community actually sold compared to tax assessed value? Drop me a note. I'll pull the data, walk you through what happened, and we can talk it through. No hard sell. Just straight answers.

Jason Todd | Calgary REALTOR® | (403) 255-5555 | jasontodd.ca

Got a question for the Hey Jason series? Send it my way. Yours might be the next article.