Property assessment is the process of determining the value of properties for taxation purposes. Assessment authorities evaluate every property in a municipality—residential, commercial, and industrial—to establish assessed values that form the base for property tax calculations. Assessors consider factors like property size, location, age, condition, and recent sales of comparable properties. Fair and accurate assessment ensures that property owners pay taxes proportional to their property values, spreading the municipal tax burden equitably. Property assessment is governed by provincial legislation, with assessment authorities operating either provincially or municipally depending on the jurisdiction.