Edmonton property assessment notices are in the mail and according to the city, the majority of people will see a decrease in the value of their residential properties compared to last year.
The 2019 property assessments reflect the City of Edmonton’s estimate of what a property would have sold for in the open market as of July 1, 2018.
Overall, the residential market saw a 1.7 per cent decrease in value from July 1, 2017 to July 1, 2018, the city said. A typical single-family detached home in Edmonton is valued at $399,500.
While single-family detached homes saw a smaller decrease, the most significant drop in property value will be seen by condominium owners, the city said in a media release Wednesday morning.
The city outlined the following trends in assessed value by property type:
- Single-family detached properties decreased by 0.8 per cent
- Duplexes, triplexes and fourplexes decreased by 0.3 per cent
- Condominiums and townhomes decreased by 4.5 per cent
- Apartment buildings decreased by 2.2 per cent
- Commercial and industrial properties increased by 0.6 per cent
In December, city council approved a 2.6 per cent property tax increase for 2019. For the average homeowner, that translates to an increase of about $76 in property taxes compared to 2018.
So what does this mean for property taxes this year? If your home’s value dropped by the average rate, it means you will still pay more property taxes in 2019 compared to 2018. However, if the drop is larger than the average, there is some good news.
“The magic number is if you see a decrease in the 4 to 4.5 per cent range, you should see no change on your municipal portion of the tax bill,” said Rod Risling, branch manager of the city’s assessment and taxation department.
“So again, we don’t know what the education piece is but that’s the magic number. If you see that 4 to 4.5 per cent range, there should be no increase on the municipal side.”
Property owners are asked to review their assessments and contact the city via 311 or online if they find any errors. Property owners who don’t receive their assessment by Jan. 11 are also asked to contact the city.