“The assessors look at every single sale that occurs within the city”.
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“On average, residential properties increased slightly in values”, says Assessment and Taxation Branch Manager Rod Risling.
The assessment notice provides a snapshot of what your property is worth – what it would have sold for on the open market – as of July 1, 2015. That’s a 28 percent increase compared to home values of $993,000 as of July 1, 2014.
Increases of between 15 and 25 per cent are typical for single-family homes in the region.
Commercial and industrial properties near Vancouver are also seeing big increases of 10-20 per cent, or even higher for properties being bought with redevelopment in mind.
For condo, duplex, or townhouse owners, your assessments went up a little more; about 4.8%. Some neighbourhoods that saw a decrease include: Athlone, Kensington, Edgemont, Queen Mary Park and Killarney.
“If a property owner is still concerned about their assessment after speaking to one or our appraisers, they must appeal by February 1”, Held said.
Assessments can be reviewed until March 11, 2016.
Despite Alberta’s economic slowdown, the assessed value of the average Edmonton house has still gone up this year, according to information released Monday. In total, the city expects to take in $1.4 billion from property taxes in 2016, which will cover about 56 per cent of the operating budget. That figure will be finalized in May once the provincial education property tax is confirmed.
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Total taxable value of assessed properties in Edmonton now stands at $115.6 billion for residential properties and $56.7 billion for non-residential properties and apartments buildings.
