Edmonton property owners can expect to receive their assessment notices in their mail boxes this week.
The city’s assessment of property value reflects what a property could have sold for on the open market as of July 2023, the City of Edmonton said in a release on Tuesday.
“We encourage property owners to review the details on their 2024 assessment notice and compare their property’s assessed value to similar properties in their neighbourhood,” said Cate Watt, city assessor and branch manager of assessment and taxation. “Since assessment values determine property owners’ fair share of property taxes, it’s important to review the details of your assessment.”
Council approved a 6.6 per cent property tax increase for 2024.
“Your individual property taxes may not increase by 6.6 per cent; changes to individual tax bills will depend on how your property’s assessed value changed compared to the overall change in its residential or non-residential assessment class,” the city explained.
With interest costs going up and changes in the economy, the stability in the Edmonton market will help make the city more affordable, Watt said.
“In the face of rising interest costs and other economic factors, this stability in the Edmonton market helps to illustrate that our city remains attractive and generally less expensive.”
During the spring budget adjustment in April, the city council will conduct its annual review, finalize the budget and decide on property tax increases.
Upon approval of the 2024 adjustment, tax rates will be confirmed and tax notices will be sent out in May.
Property assessments ensure fair taxation that support 70 programs and services with each owner’s contribution, the city said.
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