Average home in Edmonton worth slightly more than 2016, according to city assessments
A typical single-family detached home is now worth $399,500, up 0.6 per cent
The value of an average home in Edmonton went up less than one per cent last year, according to the city's latest property assessments.
Assessments released Tuesday show that between July 1, 2016 and July 1, 2017 a typical single-family, detached home in Edmonton went up by 0.6 per cent and is valued at $399,500.
That means anyone owning a typical home will pay about $2,468 in municipal property taxes, $84 more than in 2016.
"I think most of the values stayed pretty stable," said Rod Risling, assessment and taxation branch manager with the city.
Risling said compared to other jurisdictions in North America, property rates in Edmonton remain steady.
"Residential has been pretty close to that zero mark, which I think is pretty encouraging."
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However, one exception in Edmonton are neighbourhoods along the river valley. Single-family detached homes are up 9.6 per cent in Windsor Park, 8.9 per cent in Quesnell Heights, 8.6 per cent in Glenora and Oliver and 8.4 per cent in Virginia Park.
Risling said infill construction is likely a factor in market values going up in these areas.
"Certainly there is a demand for being closer to the inner core, and it's likely having that positive impact on properties closer to the downtown core."
Properties in rural northeast Horse Hill went down the most, 9.1 per cent for the year.
Apartment buildings went up 7.4 per cent but condominiums and town houses went down 2.8 per cent.
Property assessment notices were mailed out Jan. 2 showing the city's estimate of property market values, which are used to calculate the amount of property taxes homeowners are charged.
The assessment notice is not the final word on the tax bill, as the city has to wait for the Alberta government to determine the amount of education tax, which is added to the property tax to help fund the provincial education system.
'We want to correct it'
Risling said property owners should review their assessment notices, and those who feel it doesn't reflect their property's market value should file a complaint with the assessment review board.
Last year, 1,500 complaints were filed with the board, a record low, Risling said.
"It's a far cry from what we used to have."
Fifteen to 20 years ago, the city used to get around 10,000 complaints annually about property values.
"I think we've done a lot of work on the side of customer service, and being transparent and allowing customers to see as much information on their property as possible," Risling said. "If there's an error or mistake in the assessment, we want to correct it."
Municipal tax bills are sent out to property owners in May. But "if you wait until tax notices are out to bring us your questions, you'll be too late," Risling warned.