Typical detached home in Edmonton valued at $408,000

Most Edmonton homeowners will see small increases inthe value of their residential properties on their 2016 assessment notices, the city says.

The notices were mailed out Monday, and homeowners should receive them over the next few days.

The value of the average single-family home went up by 1.7 per cent last year.

Tax assessments were completed on more than 375,000 properties, reflecting their market value as of July 1, 2015, said Rod Risling, assessment and taxation branch manager.

"Assessed values represent a snapshot of what occurred in the past," Risling said. "Between the summers of 2014 and 2015, Edmonton's economy continued to move forward, even with recent developments in the oil industry."

Major factors that contributed to the local economy, Risling said, included strong gains in employment and income, high net migration, and low mortgage rates. Those factors created a high demand for housing, he said.

Individual properties did not all increase at the same value, Risling said, with the typical single-family detached home now valued at $408,000. The owner of that "typical" home can expect to pay about $2,340 in municipal property taxes, about $77 more than the year before.

A typical condominium, townhouse or duplex increased by 4.8 per cent. A typical apartment building increased by nine per cent.

The value of commercial and industrial properties increased by 0.7 per cent.

Some neighbourhoods that increased more than the average include: Homesteader, Lynnwood, McConachie, Terrace Heights and Chambery. Some neighbourhoods that saw a decrease include: Athlone, Kensington, Edgemont, Queen Mary Park and Killarney.

Market value is used to calculate the municipal property taxes and provincial education taxes owners pay, Risling said.

"I encourage all property owners to review their assessment notices carefully and call 311 with any questions," he said.

Assessments can be reviewed until March 11, 2016. If concerns are unresolved, owners can file formal complaints with the Assessment Review Board.

Last year, the city received 2,300 complaints from homeowners unhappy with their assessments. Risling said 30 to 35 per cent ended up going to the review board.

Property owners can appeal their assessment notices but not their tax bills.

Property tax bills will be delivered to owners in May 2016, after the province sets its budget.

Total taxable value of assessed properties in Edmonton now stands at $115.6 billion for residential properties and $56.7 billion for non-residential properties and apartments buildings. In total, the city expects to take in $1.4 billion from property taxes in 2016, which will cover about 56 per cent of the operating budget.