Home My Local Average property owners to see a $200 tax increase

Average property owners to see a $200 tax increase

Jan 16, 2024 comments off

Breadcrumb Trail Links

  1. News
  2. Local News

Published Jan 16, 2024  •  3 minute read

property assessmentCate Watt, city branch manager for assessment and taxation, speaks about 2020 property assessments during a news conference at city hall on Jan. 2, 2020. Photo by Ian Kucerak /Postmedia, file

Edmonton property owners are set to receive their 2024 property tax assessment in the mail any day now.

The City of Edmonton mailed out assessments that lay out property values and tax rates on Monday. The assessments of home values are base off the city’s evaluation of properties from last July 1 and the condition date of Dec. 31.

Article content

Cate Watt, city branch manager for assessment and taxation, said the overall assessment of properties did not change by much and said stability in the city’s market illustrates that Edmonton remains attractive and generally less expensive than other major cities in Canada.

Advertisement 2

This advertisement has not loaded yet, but your article continues below.

THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY

Subscribe now to read the latest news in your city and across Canada.

  • Exclusive articles by David Staples, Keith Gerein and others, Oilers news from Cult of Hockey, Ask EJ Anything features, the Noon News Roundup and Under the Dome newsletters.
  • Unlimited online access to Edmonton Journal and 15 news sites with one account.
  • Edmonton Journal ePaper, an electronic replica of the print edition to view on any device, share and comment on.
  • Daily puzzles, including the New York Times Crossword.
  • Support local journalism.

SUBSCRIBE TO UNLOCK MORE ARTICLES

Subscribe now to read the latest news in your city and across Canada.

  • Exclusive articles by David Staples, Keith Gerein and others, Oilers news from Cult of Hockey, Ask EJ Anything features, the Noon News Roundup and Under the Dome newsletters.
  • Unlimited online access to Edmonton Journal and 15 news sites with one account.
  • Edmonton Journal ePaper, an electronic replica of the print edition to view on any device, share and comment on.
  • Daily puzzles, including the New York Times Crossword.
  • Support local journalism.

REGISTER TO UNLOCK MORE ARTICLES

Create an account or sign in to continue with your reading experience.

  • Access articles from across Canada with one account.
  • Share your thoughts and join the conversation in the comments.
  • Enjoy additional articles per month.
  • Get email updates from your favourite authors.

Article content

“The story of this year’s assessment is stability. The degree of change across both the residential and the non-residential markets is very small. The average residential property decreased by only 0.1 per cent,” said Watt.

“We need to keep in mind that these are just averages and most property owners will see some change on their assessment this year. For many properties that change is going to be less than it may have been in previous years.”

There were a total of 429,273 properties in Edmonton — a 1.3 per cent increase from the 423,857 properties assessed in 2023. The total assessed value was $191.6 billion.

How will this impact the average property owner?

The median single detached home is valued at $428,500.

For the average homeowner this means they will see a $199 increase compared to 2023 and result in paying $3,204 in municipal property taxes annually.

The increase is based off of council’s decision to set the 2024 tax increase at 6.6 per cent, an increase from the initial 4.96 per cent tax for the year agreed last December during the four-year budget debate.

The final property tax amounts will be determined in the spring when the province determines its education property tax and once city council. reviews the city budget and makes adjustments in April.

Headline News

Headline News

Thanks for signing up!

Article content

Advertisement 3

This advertisement has not loaded yet, but your article continues below.

Article content

Once adjustments are finalized, the tax increase will be recalculated and reflected on the tax notices for property owners.

Watt emphasized that only properties that see “the average change in assessed value” will see the 6.6 per cent tax increase, depending if their assessment change was higher or lower than the decreased 0.1 per cent change in the average residential property.

What neighbourhoods have the highest increase and decrease in appraised value?

Overall, the outskirts of the city, specifically in the south side and west end, are seeing the biggest increases in assessments, whereas inner-city communities are seeing their values drop slightly.

An infographic showing which neighbourhoods in Edmonton were impacted the most by property taxes over the last year. An infographic showing which neighbourhoods in Edmonton were impacted the most by property taxes over the last year. Photo by City of Edmonton /Sup

Watt said the city uses the market to assess property values. Generally she is seeing the value of properties increase, but there are some occasions and circumstances where properties decrease in value or do not go up as much. Watt said if one community had a higher value in 2023 but a lower value in 2024, it will even out over the course of five years.

Renovations and increased interest in a community tend to lift housing values. Other times what causes a value to drop is “just circumstantial.”

Advertisement 4

This advertisement has not loaded yet, but your article continues below.

Article content

“We’re definitely seeing across Canada a dampening of the inflationary effects of housing as a consequence of interest rates going up. I think that’s kind of a hot topic for a lot of people, inflation, all these sorts of circumstances in the wider economy have an affect on home evaluation,” said Watt.

What do property owners do now?

Once property owners receive their assessment, Watt encouraged owners to compare their property to similar properties in their neighbourhoods to ensure the details are correct.

“We also ask them to take this time to compare their property to similar properties in the neighborhood and discover whether or not they have similar values, which they should do,” said Watt.

Edmontonians can access more information on the city’s assessment website to sign up for an account to access assessments and tax history.

Property owners have until March 25 to appeal their assessments. Changes cannot be made beginning in May.

[email protected]

twitter.com/kccindytran

Article content

Share this article in your social network


Originally Appeared Here

You May Also Like

Maple Leafs vs Oilers Picks, Predictions & Odds Tonight

Toronto Maple Leafs vs. Edmonton Oilers Prediction, Preview, and Odds

Ricky’s All Day Grill is opening a new Edmonton location this week

Let’s get it on!: Edmonton Oilers versus Toronto Maple Leafs

Edmonton Elks re-sign veteran defensive back Loucheiz Purifoy

At long last the Edmonton Oilers are doing that thing it takes to win championships. They’re not only scoring goals at a rapid rate, they’re defending like they mean it, like they have finally and collectively made up their minds to play championship defense and win the Stanley Cup. They are playing both firewagon hockey on the attack and firewall hockey on defense at the same time. This is something we’ve never seen consistently seen during the McDavid era of the Oilers. We certainly did not see it in the first 13 games of the season when Edmonton’s top players, Connor McDavid and Mattias Ekholm, were playing hurt, when the goalies were feckless and the team’s defense, especially against the rush, was near useless. As you will recall, in those 13 games at even strength the Oilers gave up 23 goals against on the rush, 1.8 goals against per game. Since Kris Knoblauch took over as coach, that’s changed dramatically. In 26 games, they’ve given up just 25 goals against on the rush chances, about 1.0 goal against per game.