January 2, 2018
Edmonton property owners will soon receive their 2018 property assessment notices. Most are likely to see their properties’ values holding steady after a small decline last year.
“We’ve observed several ups and downs in the real estate market between mid-2016 and mid-2017,” says Assessment and Taxation Branch Manager, Rod Risling. “Single-family, detached homes in general remained stable across the city while river valley properties again showed increases due to continuing market demand. The condominium market, on the other hand, continued to see high inventory levels against low market demand, which contributed to a downward trend in assessed values.”
2018 property assessment notices indicate the City’s estimate of properties’ market values—the amount they would have sold for in the open market—on July 1 of 2017, as legislated by the Government of Alberta.
Between July 1, 2016 and July 1, 2017, a typical single-family, detached home in Edmonton increased by
0.6 per cent and is now valued
Other Edmonton property types experienced the following changes in median assessed values:
- Duplexes, triplexes and fourplexes decreased by 0.2 per cent
- Condominiums and townhomes decreased by 2.8 per cent
- Apartment buildings increased by 7.4 per cent
Commercial and industrial properties saw an overall increase of 0.2 per cent.
Risling encourages all property owners to carefully review their assessment notices and take advantage of the City’s
for property owners.
“If you don’t receive a notice within the next week, or if you feel your assessment doesn’t reflect your property’s market value as of July 1, 2017, it’s important to contact us as soon as possible,” says Risling. “If you wait until tax notices are out to bring us your questions, you’ll be too late.”
In the rare case that concerns are not resolved, property owners can file a formal complaint with the
Assessment Review Board
by March 12, 2018.
Property tax bills will be delivered to property owners in May 2018, after the Government of Alberta establishes its budget to fund the provincial education system.