Leduc County's Assessment department calculates the value of various properties in Leduc County, in accordance with provincial legislation, and collects taxes in accordance with the Leduc County tax bylaw which sets the tax rate and is passed in May.
Property assessment is conducted annually and, in conjunction with a tax rate, forms the basis of the property taxes that property owners must pay each year.
Property assessment in Alberta is based on a combination of market value and regulated rates. In Leduc County, residential and some non-residential properties are assessed at market value, while farmland, machinery and equipment, and linear properties are assessed using regulated rates determined by the Government of Alberta.
For assessment purposes, property is divided into five classes:
- Residential property such as houses, cottages, garages, acreages and yardsites. The assessed value of residential property should approximate the average market value as of July of the previous year. Since assessment reflects mid-range sales values, it may be slightly higher or lower than an actual sale price of a particular property.
- Non-residential property such as industrial and commercial. Industrial/commercial properties are also assessed at the average market value as of July of the previous year.
- Farmland such as land used for producing crops, fish, livestock and poultry, fur production or beekeeping. Farmland is assessed based on regulated rates.
- Machinery and equipment such as oilfield plants, batteries, satellites, and equipment used for processing and manufacturing. Machinery and equipment is assessed based on depreciated regulated replacement cost rates. These rates are derived from a provincial assessment manual.
- Linear property such as wells, flowlines, pipelines, powerlines and electrical power generating equipment. Linear property is assessed by provincial assessors using regulated rates and depreciation. Each year, the power portion of linear property assessment declines in accordance with regulated depreciation schedules.