Property Assessments and You
12
2010
By now, most of you would have received your 2009 assessment notice. These notices show the assessed value of properties, which are then used by the city to determine each owner’s share of property taxes. This notice is not a tax bill. Your final tax bill comes in May after the addition of the provincial education tax, which is announced in spring, and adjustments due to any final changes in the City’s budget and shifts between property tax classes.
The City budget – set in mid-December – determines how much revenue is needed from property taxes to pay for City services, programs and infrastructure. The 2010 budget increased taxes by five per cent – three per cent for services, and two per cent to renew roads and sidewalks in about 20 neighbourhoods.
Edmonton residential property values dropped on average about 10% from July 1, 2008, to July 1, 2009. July 1 is the date the Province requires municipalities to assess market values – the value a property may have sold for on the open market.
Homeowners can estimate their property tax bill by comparing how their property’s change in value compares to the average decrease of 10%. Homeowners whose property value decreased more than the average 10%, will likely pay less than the average 5% budget-required tax increase. Homeowners whose property increased more than the average 10% decrease, will likely pay more than the average 5% tax increase.
Homeowners who have concerns regarding their assessment can call the City (780-496-6388) and ask to speak with an assessor. If concerns are unresolved after talking with an assessor, a homeowner may file a written appeal (complaint) of their assessment by March 5th. The property’s assessed value can be appealed, but tax bills in May can’t be appealed. For further information please visit: www.edmonton.ca/assessment.
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