There are five major factors that account for 85% of residential property value:
- Living Area
- Lot Dimensions
- Age of the Property
- Quality of Construction
Some other features that may affect value include: finished basements, garages, pools, number of bathrooms, and the type of heating and air conditioning. Site features can also increase or decrease the assessed value of your property, such as traffic patterns, being situated on a corner lot, and proximity to a golf course, hydro corridor, railway or green space.
Commercial properties may be assessed using the cost approach or the direct comparison approach to derive current values.
For industrial properties, it is necessary to determine the replacement cost of buildings and structures, adjusted for depreciation, then adding the value of the land.