edmonton property value assessments 2016
TRANSCRIPT
7/23/2019 Edmonton property value assessments 2016
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BACKGROUNDER
Edmonton 2016 Property Assessment Notices
How many properties did the City assess?
The City of Edmonton assessed 376,560 properties:● 352,567 residential properties
● 23,993 non-residential properties (includes apartment buildings)
Why did the assessed values of single-family, detached homes increase? Between 2014 and 2015, Edmonton’s labour market outperformed Canada’s average due to strong gains inemployment and incomes, which led to positive levels of net in-migration. This good economic foundation togetherwith low mortgage rates supported demand for housing in Edmonton, which resulted in an increase in market valuesacross most property types.
The Edmonton Real Estate Board (EREB) and the Canada Mortgage and Housing Corporation (CMHC) track localreal estate market conditions. The EREB reported that the price of an existing single-family home increased 2.4%between July 2014 and July 2015, while the CMHC reported an increase of 2.9% for a new single-family home.
What is the total assessed value of all properties in Edmonton?
The value of all taxable assessed properties in Edmonton now stands at $172.3 billion—
$115.6 billion for residentialproperties and $56.7 billion for non-residential properties and apartment buildings —an increase of 4.2% overall whencompared to 2015.
What is the assessment change by property type?● Single-family homes +1.7%● Condos, townhouses +4.8%● Apartment buildings +9.0%● Commercial/Industrial +0.7%
What is the assessment change in the last five years?The five-year annual change in median property assessment for typical single-family, detached homes in Edmontonis +2.2%:
2016 2015 2014 2013 2012+1.7 +7.1% +2.5% +1.3% -1.7%
Which neigbourhoods within the City experienced the largest changes in assessed
values? Depending on sales and the physical state of real estate, not all properties and neighbourhoods reflect the averagechange in assessed values from year to year. However, over a longer period of time (for example, five years) trends
have demonstrated that all neighbourhoods change in value by approximately the same amount.
The five communities in which the average assessedvalue for single-family homes increased the most
The five communities in which the average assessedvalue for single-family homes decreased the most
As of
July 1, 2015
Five-year
average change
As of
July 1, 2015 Five-year
average change
Homesteader 5.4% 2.4% Athlone -6.8% 1.3%
Lynnwood 4.6% 2.0% Kensington -6.4% 1.1%
McConachie Area 4.4% 3.8% Edgemont -6.3% N/ATerrace Heights 4.4% 2.5% Queen Mary Park -6.0% 2.3%
Chambery 4.2% 3.1% Killarney -6.0% 1.0%
The detailed breakdown on average assessment values is available through the Assessment Change reports
.
How do changes in property assessments affect property taxes?
The City uses assessed values of properties to calculate the amount of municipal
and provincial education property taxes property owners pay in proportion to the value of the real estate they own. A change in assessedvalues affects property taxes in the following manner:
7/23/2019 Edmonton property value assessments 2016
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BACKGROUNDER
Average assessed value increase = average municipal tax increase If the property’s assessed value increase is similar to the average, city-wide assessed value increase, theproperty owner will see a tax increase that is similar to the average municipal tax increase.
Higher than average assessed value change = higher than average municipal tax increase
If the property’s assessed value increased by more than the average assessed value increase, the property
owner will see a greater than the average municipal tax increase.
Lower than average assessed value change = lower than average municipal tax increase If the property’s assessed value increased by less than the average assessed value increase, the property ownerwill see a tax increase that is less than the average municipal tax increase.
To learn more about the property assessment process, watch our videos .
What will the impact be on a typical homeowner?
The City’s budget, passed in December 2015, calls for a 3.4% increase.
This means that the homeowner of a typical $408,000 home will pay approximately $2,339 in municipal propertytaxes—$77 more per year or $6.42 more per month.
The final tax rate will be set in May when the municipal budget is confirmed and the Government of Alberta
establishes its budget to fund the provincial education system.
What can property owners do if they do not agree with the 2016 assessed value of their
property?Online resources
Property-specific assessment detailsThe City’s secure site for property owners gives property owners access to reports on physicalcharacteristics and assessment details of their properties and sales information of properties similar totheirs.
MapsThe City’s maps help review basic assessment information about Edmonton properties and see whatmunicipal facilities and services are available within various neighbourhoods.
One-on-one supportIf property owners have come across an error in their properties’ assessments, they should contact the Cityfirst. Most assessment-related concerns can be resolved by speaking with a 311 agent or assessor—with noformal complaint fees required.
Call: 311Email: [email protected]
Formal complaint
If property owners disagree with their property's assessment, they can file a formal complaint withthe Assessment Review Board no later than March 11, 2016.
When will the 2016 property tax notices be mailed?
The City of Edmonton will make final property tax calculations in the spring of 2016, after the Government of Albertaestablishes its budget to fund the provincial education system.
Tax notices will be mailed in May 2016 with a deadline for payment of June 30, 2016.