After two years of decreases in the value of the average property in Edmonton, single family homes in Edmonton have increased by an average value of 9%.
The average single family dwelling in our city is now worth $363,000. The average value of condos and townhouses in our city is also up, but only by 6% on average, while apartments and four plexes actually decreased in value by the average of 2%.
While the average increase for a home in most neighbourhoods was 9%, some neighbourhoods saw increases of 18-32%, while other neighbourhoods actually saw no increase or a decline in average property value.
The assessment period is for July 1, 2009 to July 1, 2010, and represents the value a property may have sold for on the open market.
A total of 319,608 property assessment notices were sent in the mail on January 4, 2011.
The city uses property value to determine a property owner’s share of the municipal taxes. The city has raised taxes by 3.85% for 2011. A property owner who saw an average increase in value will pay a 3.85% increase in taxes, while a property owner who’s home did not increase in value by the average amount will see a smaller municipal tax increase.
Property owners with questions or concerns about their property value assessment should call the City (780-496-6388) and ask to speak to a city assessor.
“Edmontonians are encouraged to review their assessment notice and make sure it reflects the value their home may have sold for on July 1, 2010,” said Rod Risling, Manager for the Assessment and Taxation Branch in a news release.
Homeowners can also check the 2011 assessments for properties in their neighbourhood and other parts of Edmonton on the city’s website.
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