While some Edmonton homeowners are in for a shock and others a pleasant surprise, most will see a slight drop in their property values this week.
The assessments being mailed out by the city this week are used to calculate property taxes for 2012.
Most homeowners will be paying 5.4 per cent more in taxes this year, a tax hike set by city council last month.
Over five years all neighbourhoods change in value by roughly the same amount, but from year to year neighbourhoods change at different rates.
The five communities in which the average assessment for single family homes fell the most were:
- Canora - 10.3%
- Boyle Street - 9.3%
- Glengarry - 8.2%
- Ogilvie Ridge - 7.2%
- Athlone - 7.2%
The five communities in which the average assessment rose the most were:
- Secord - 10.2%
- Windsor Park - 9.7%
- Walker - 9.7%
- Brookside - 9.7%
- Westmount - 8.6%
With single-family homes in the city dropping in value by an average of 1.7 per cent from 2010, anyone who saw a greater drop will be getting a tax break.
But those whose home climbed in value will be taking a tax hit of more than 5.4 per cent.
Homeowners urged to check accuracy
"We encourage homeowners to review their property’s assessed value, compare it with similar properties in their area using our online tool, and make sure the value reflects what the house could have sold for on the open market on July 1 last year," said Rod Risling, manager of the assessment and taxation branch.
Concerns should be reported to city assessors at 780-496-6388, he said.
If concerns remain unresolved, the homeowner has until Mar. 12 to file a written complaint with the Assessment Review Board, using the form provided with the notice of assessment.
The city assesses home values using recent property sales, property age, location, features, size and condition.
The median assessed value of the typical single-family detached house in Edmonton is $357,000.
Assessed value of condominium units, townhouses and manufactured homes was down an average of 1.9%.
Apartments rose an average of 0.5% while commercial properties saw a 2.4% decrease in average assessed value.