2016 notices indicate properties’ market values, the amount the City estimates they would have sold for on the open market, on July 1, 2015, as legislated by the Government of Alberta. Between July 1, 2014 and July 1, 2015, all property types in Edmonton experienced an increase in market values:
- A typical single-family, detached home increased by 1.7 per cent and is now valued at$408,000
- A typical condominium, townhouse and duplex increased by 4.8 per cent
- A typical apartment building increased by 9 per cent
- Commercial and industrial properties increased by 0.7 per cent
“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,” says Risling. “I encourage all property owners to review their assessment notices carefully and call 311 with any questions.”
Total taxable value of assessed properties now stands at $115.6 billion for residential properties and $56.7 billion for non-residential properties and apartment buildings. In total, the City anticipates receiving approximately $1.4 billion from property taxes in 2016, approximately 56 per cent 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 11, 2016. Property owners can appeal their assessment notices but not tax bills.
Property tax bills will be delivered to property owners in May 2016, after the Government of Alberta establishes its budget to fund the provincial education system.