The Assessment Act states that an Assessor "shall assess property at its actual value". In forming an assessment, the Assessor "shall have regard to the assessment of other properties in the municipality being assessed to ensure that the taxation falls in a uniform manner upon the property that is subject to taxation in the municipality.". One of the tools to achieve uniformity is by using a "Base Date" on which to set the property values. What is "actual value", "uniformity" and "base date"?

• Actual Value
  Actual Value means that value being the market value of the fee simple interest in the real property.
  
  
  • Market Value
    Market value is the amount of money that probably would be arrived at through fair negotiations between a willing seller and a willing buyer. Consideration is also given to the uses to which the property may be put. The following characteristics of market value should be noted:
    • is the most probable price, not the highest, lowest, or average price
    • is expressed in terms of money
    • implies a reasonable time to be exposed to the market
    • implies that both the buyer and seller are informed of the uses to which the property may be put
    • assumes an arm's-length transaction in the open market
    • assumes a willing buyer and a willing seller, with no advantage being taken by either buyer or seller
    • recognizes both the present use and the potential use of the property.
  
  
  
• Uniformity
  The idea of uniformity implies that the Assessor, using standardized and acceptable assessment procedures, will consider all properties that are similar to the one being assessed. The value should then be similar to those other properties. Taxes for that property should be similar as well. If it is a structure, it must, in the opinion of the Assessor, be reasonably fit for occupancy if a fair assessment is to be carried out.
  
  
• Base Date
  Base Date is the date that the values of the properties in a Municipality are set for that particular assessment cycle. Any special or Supplementary assessments carried out after this date will relate to the property values that were assigned as of this "base date".