City sends 2025 property assessment notices to more than 430,000 owners
You, property owner, should have received it by now: this year's property assessment notice from the City of Edmonton.
The city sent out more than 430,000 such notices early this month. The assessments reflect the city's estimate of how much a property is worth as of July 1 last year and help determine how much each owner will be tapped to pay in taxes monthly starting this July.
Cate Watt, the city's branch manager for assessment and taxation, said Monday the property value estimates come from "a plethora of information," including rental rates, vacancy rates, property sales, construction costs and land value.
City council last month approved a 6.1-per-cent property tax increase for 2025. Changes to an owner's tax bill depend on whether or not the assessed value of the property has changed in relation to overall market values.
The median assessed value for a home this year is $465,500, resulting in a $3,550 bill in annual property taxes.
City council is slated to conduct a final review of the annual budget in April, when they will confirm the municipal tax levy. It determines how much property tax is needed.
Once the levy is confirmed and tax rates set, the city mails tax notices in May to property owners.
With files from CTV News Edmonton's Brandon Lynch
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