The city says most Edmonton homeowners will see their properties’ values unchanged when they receive their 2018 property assessment notices.
Detached homes in particular remained stable across the city. A typical single-family, detached home in Edmonton increased by 0.6 per cent between July 1, 2016 and July 1, 2017 and is now valued at $399,500.
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Meanwhile, properties in the river valley increased due to demand while condominiums decreased by 2.8 per cent in value because of high inventory compared to low demand, according to the city.
“We’ve observed several ups and downs in the real estate market between mid-2016 and mid-2017,” assessment and taxation branch manager Rod Risling said.
Risling said property owners should review their assessment notices and take advantage of the city’s online resources.
“If you don’t receive a notice within the next week, or if you feel your assessment doesn’t reflect your property’s market value as of July 1, 2017, it’s important to contact us as soon as possible,” Risling said. “If you wait until tax notices are out to bring us your questions, you’ll be too late.”
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Edmontonians can file a formal complaint with the Assessment Review Board by March 12 if their concerns aren’t resolved.
Homeowners can expect to get their property tax bills in May.