Edmonton properties slip in assessed value, city figures show
2019 property assessments mailed out on Wednesday
The majority of homeowners in Edmonton saw a dip in the value of their property last year, according to the city's assessment and taxation office.
The city mailed out 2019 property assessment notices Wednesday.
The assessments reflect the city's estimate of a property's market value — the amount that a property would have sold for in the open market as of July 1, 2018.
The latest assessment shows the residential market was down 1.7 per cent on average compared to July 1, 2017. Condominiums and townhomes saw the biggest average drop in value, at 4.5 per cent.
Rod Risling, city branch manager of tax and assessment, said the evaluation reflects the market value of a property as of July 1, 2018 and physical condition as of the end of the year.
Single-family detached properties fell by 0.8 per cent on average. Duplexes, triplexes, and fourplexes decreased by 0.3 per cent on average, and apartment buildings decreased in value by an average 2.2 per cent.
"That does not reflect individual properties, it's an overall grouping number," Risling told a news conference.
The top five neighbourhoods that saw decreasing values for single-family detached homes were Kinglet Gardens, Rundle Heights, Boyle Street, Cromdale and Lauderdale.
The typical value of a detached single-family dwelling in Kinglet Gardens dropped 8.1 per cent, while a similar home in Lauderdale fell 4.5 per cent from 2017.
The top five neighbourhoods with increased values for single-family detached homes were Lansdowne, Belgravia, Windsor Park, Skyrattler and Riverview.
The city assessed more than 400,000 properties, about 7,000 more than 2017.
While residential values were down, non-residential or commercial property were up slightly, 0.6 per cent.
Property owners with lower assessments from 2017 won't necessarily pay lower taxes this year.
Municipal property taxes are increasing by 2.6 per cent after city council passed the 2019-22 operating and capital budgets in December.
It means the owner of a typical home assessed at $399,500 will pay approximately $2,585 in property tax in 2019, $76 more a year or $6 more a month.
The municipal tax rate does not include the provincial levy for education. The education tax, set by the Alberta government, accounts for about 30 per cent of the total property tax for Edmonton homeowners.
Property tax bills will be mailed out in May, after the government has determined its budget to cover education.
'Now is the time'
"Your assessment notice is not your tax bill; now is the time to review your assessment notice," Risling said.
Property owners who think the city made a mistake on their assessments can call 311 to complain.
The deadline to file a formal complaint with the assessment review board is March 11. The fee is $50 for residential owners and $650 for non-residential properties.
"If there are errors, I can assure you they will be corrected and there's no filing fee required."
Only 15 per cent of of complaints in 2017 led to reduced assessments, he added.
"It's better to resolve your issues via dialogue and bringing information to the assessor," Risling said. "It's just much more efficient for both the city employees, which has a cost, and also the property owner."
He encouraged homeowners to go online to MyProperty.edmonton.ca for specific information on their properties.