The COVID-19 pandemic created major problems throughout the world. This led many governments to delay reassessments on the premise that the available market data would be insufficient and/or too volatile to allow an accurate mass appraisal of the properties within their jurisdictions. This paper examines that hypothesis by referring to the real estate markets for retail and industrial properties in Canada’s largest cities. From this analysis, it concludes that market activity and data, in most cases, provide the assessor with enough information to proceed with reassessments. For circumstances where there may not be sufficient information, the paper provides innovative suggested interim solutions, relying upon publicly available information that enable assessors to develop assessed values that take into consideration the impact of the pandemic. Lastly, the paper will briefly comment on the need to recognize that the pandemic did not have a uniform impact on the value of different types of property, and assessors need to be mindful of that reality when performing their next reassessment.
Epidemics; Stores, retail valuation; Valuation of industrial property - Canada
Stadig, M. (2021). Property tax valuations during a pandemic: the challenge for assessors. Journal of Property Tax Assessment & Administration, 18(2). Retrieved from https://researchexchange.iaao.org/jptaa/vol18/iss2/7