A few items of note:
- Assessment value IS NOT necessarily equal to current market value! Property assessments are just an approximation of what the City feels your home is worth based on your neighborhood, square footage, age, etc. of your property. HERE is a comprehensive list of the criteria that the City's property assessors use to determine value. Remember that two homes that are identical in age and square footage in
any given neighborhood can be DRASTICALLY different inside, so it is
especially important to review your notice and of course call your
REALTOR® or a property appraiser to give you a better idea of market
Remember the City only knows as much as the property owner tells them - it is not uncommon to see homes that have been totally upgraded that still have a City assessment reflecting the state of the home prior to the upgrades being done.
- The assessment is for JULY of the PREVIOUS YEAR, so the assessments you receive in the next few weeks will reflect what the City believes the value of your home was in July 2012. I have seen market values (i.e. the price a home sells for) vary by as much as $300,000 (an extreme example!) from the City assessment value, so make sure that you get a current market evaluation of your home before you buy or sell!
- Of note are a few neighborhoods that saw significant increases in assessement value from the City: Ritchie - 9.4% increase, Cromdale - 8.5% increase, Highlands - 7.5% increase, and Lansdowne - 7.3% increase (*information from the Edmonton Journal - link to full article below)
- If you disagree with your assessment, information on the appeal process is available on the City's website HERE, along with other answers to common questions about your assessment.
*As usual, these are just my personal opinions. I am not a lawyer, accountant, economist or fortune teller. Any real estate transaction is a huge decision and requires specific advice for your situation. I always recommend consulting professionals before making any significant financial decision.
Average home values in Edmonton up 1.3 per cent
Edmonton property assessments mailed out this week
Civic property assessments are being mailed out this week, with the typical single-family home in Edmonton now valued at $364,000, an increase of 1.3 per cent from July 1, 2011 to July 1, 2012.
Photograph by: Ryan Jackson, file , edmontonjournal.com
EDMONTON - Civic property assessments are being mailed out this week, with the typical single-family home in Edmonton now valued at $364,000, an increase of 1.3 per cent from July 1, 2011 to July 1, 2012.
That compares to a drop of 1.7 per cent last year, but is relatively stable compared to the nine-per-cent spike in 2010, and two consecutive 10-per-cent declines the years before.
Full Article: Click HERE