These notices indicate properties' market values, the amount the City estimates they would have sold for on the open market, on July 1, 2014, as legislated by the Government of Alberta.
"Market value is used to calculate how much municipal and provincial education taxes property owners pay in proportion to the value of the real estate they own," said Assessment and Taxation Branch Manager Rod Risling. "I encourage all property owners to review their assessment notices carefully and call 311 with any questions."
Between July 1, 2013 and July 1, 2014, most Edmonton properties experienced an increase in market value:
- A typical single-family, detached home increased by 7.1% and is now valued at $401,000.
- Condominiums, townhouses and duplexes increased by 5.3%.
- Apartment buildings increased by 9%.
- Commercial and industrial properties increased by 2.8%.
Total taxable value of assessed properties now stands at $122 billion for residential properties and $43 billion for non-residential properties. In total, the City anticipates receiving approximately $1.3 billion from property taxes in 2015, approximately 57 percent of the City's operating budget.
The City of Edmonton offers several online resources and one-on-one support that property owners can access if they have questions about the assessed value of their property or believe there is an error in their assessment notices.
If concerns remain unresolved after talking to an assessor, property owners may file a formal complaint with the Assessment Review Board by March 10, 2015. Property owners can appeal their assessment but not tax bills.
Property tax notices will be delivered to property owners in May 2015, after the Government of Alberta establishes its budget to fund the provincial education system.