Not all property is assessable for property tax purposes. The Municipal Government Act outlines what property is assessable for taxation.
The act defines property as:

• A parcel of land
• An improvement
• A parcel of land and the improvements to it
• Publicly owned infrastructure or equivalent privately owned facilities
• Minerals
• Property in Indian reserves
• Property in Metis settlements
• Growing crops

Some properties are assessable, but not taxable. Properties that are assessed but then exempted (in whole or in part) from taxation include:

• Most farm residences and improvements
• Environmental, municipal, and school reserves
• Government properties such as hospitals, libraries, and schools
• Colleges and Universities
• Privately operated schools
• Churches and cemeteries
• Property owned by some non-profit organizations such as benevolent societies, boys’ and girls’ clubs, etc.
• Hostels

City of Lloydminster Property Tax exemption form.