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2020 assessments in the mail; what Edmonton property owners need to know

City assessor explains why residential property values in Edmonton are down
WATCH ABOVE: Cate Watt, City of Edmonton assessment and taxation branch manager, explains why property values are down this year and what factors go into how the city assesses your home.

More than 400,000 property assessment notices for Edmontonians are in the mail.

READ MORE: Council settles on 2.6% Edmonton property tax increase for next 4 years

Once Edmonton property owners receive their notices, they should check the accuracy by:

  • Review the details
  • Look at what makes up the assessed value of your property
  • Compare your property’s value to similar properties in the neighbourhood

Assessments reflect the city’s estimate of the property’s market value — the amount that a property would have sold for in the open market — as of July 1, 2019.

“It’s a step in determining residents’ fair share of municipal property taxes and provincial education taxes for the current year,” the city said in a news release on Thursday.

READ MORE: City council passes revised budget, Edmonton homeowners will see 2.08% property tax increase

The value of all assessed properties in Edmonton is $195 billion — $135 billion for 379,651 residential properties and $60 billion for 28,153 non-residential properties.

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Edmonton property values on the way down
Edmonton property values on the way down

This year saw an overall assessment decrease of 0.1 per cent compared to 2019.

“It’s just symptomatic of what Alberta is experiencing as a whole,” Cate Watt, City of Edmonton assessment and taxation branch manager, explained.

“There is nothing in particular that I would point to, to say, ‘it’s this reason or that reason.’

“Alberta’s just going through some tougheconomic times right now and that has resulted in home values decreasing for the most part.”

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Edmonton neighbourhoods in red saw the biggest property value decrease, while those marked in green saw the greatest increase in 2020.
Edmonton neighbourhoods in red saw the biggest property value decrease, while those marked in green saw the greatest increase in 2020. Tonia Gloweski, Global News

Anyone with questions about their assessment notice can call 311 or visit edmonton.ca/assessment for more information, including property-specific details, a neighbourhood map and estimator.

Actual property tax bills will be mailed out to owners in May.

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Watch below: (From Feb. 6, 2020) Emily Mertz tells us about an Edmonton website that can help people with questions about their property tax assessments.

Edmonton website can help people with questions about property tax assessments
Edmonton website can help people with questions about property tax assessments