Property assessment
08
2011
Property assessment notices were mailed out on January 4, and I want to provide some information based on questions I've received from residents.
Your property assessment notice states what your property would likely have sold for on July 1, 2010. This value is used to determine your share of the overall property taxes required for city services and infrastructure. For 2011, Council approved an overall tax increase of 3.85% (1.5% for neighbourhood renewal and 2.35% for services), so the total amount of tax collected across the city must reflect this increase.
However, not all residents will pay the same amount in property tax—it depends on the value of your home—and not all residents will pay the same increase. If your property’s value increased about as much as the average Edmonton property, your share of municipal tax will increase the average amount—about 3.85%, plus the provincial education tax set in April 2011. On average, property values in the city increased 9% for single-family homes and 6% for other residential homes (condos, townhouses etc); values decreased 2% for multi-family units (apartments etc). If your property value increased more than average, you can expect to pay more than the average tax increase; if your property increased less than average or decreased in value, you will pay less than average.
It is important to note that city revenues do not increase or decrease as market values of properties change. So just because average single-family homes increased in value by 9%, the City does not collect 9% more in tax. The city only collects the fixed overall amount it needs, as determined by the year’s budget. The market value is used only to calculate how much you pay relative to other taxpayers. You can compare property values in your area using online maps; more detailed information about your property is available here (you'll need the password provided on your assessment notice).
For property assessment concerns, call the assessment office at (780) 496-6388. An assessor can make corrections and send you an amended notice. If after speaking to an assessor you still feel your property value has not been assessed correctly, you can file a written complaint to the Assessment Review Board by March 14 using the form included with your assessment notice.
I hope this helps to clarify the process.
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