New data about the assessed value of homes in Edmonton is out and all homeowners should have received their notices in the mail earlier this year. Most property owners across the city are seeing a higher assessed value of their homes.
The average single-family, detached home in Edmonton is assessed at $402,000 which is an average increase of $21,500 from last year. These 2022 assessment notices reflect the market value of a property on July 1, 2021.
A common concern among homeowners is what the increase in assessed property values means for their property tax bill, fearing that a big jump in assessed value will mean higher taxes. While that can happen, changes to property assessments do not automatically translate into an increase in property taxes.
In reality, the change in your tax bill depends on your home’s assessed value relative to other homes in the area – if your property’s assessment is similar to the average change for similar property classes around you, your bill will likely remain the same. If your property assessment was higher or lower than the average, your tax bill will likely follow suite.
If you disagree with your property assessment, you must file a formal complaint no later than March 23.
If you are over the age of 65, you may qualify for a grant to help cover part of your municipal property taxes and the education portion of the property tax bill, as well as a tax deferral program.
All homeowners can review their property’s new assessed value by visiting MyProperty for details.