 鲜花( 0)  鸡蛋( 0)
|
Edmonton Property Taxes: A Higher Assessment Does Not Always Mean Higher Taxes7 r9 i: x K1 y2 {# S4 U. j" k
& M/ }# w( t+ F2 t7 O e! i If you own property in Edmonton you should have received your city tax assessment in the mail recently. You probably noticed your tax assessment is much higher this year than last year.
& T2 ~ ?" ~7 ]* N" L
5 @/ O4 ?* ?6 i" V& G+ Y4 tThere is a BIG misconception out there, that if property values go up by say 50%, then property taxes go up 50%.
# [) ?$ K6 ^% f( d' I
3 z" @0 k" b2 h* Q* w6 V) BThat is completely false. If it were true, then if property values went down 50% so would taxes and how would the city pay for any services?
- L( \* g- M1 A Z1 O, G! N W% H& ]8 Z/ g1 _
So just how are property taxes determined?7 U+ w& o! V- V/ E$ t. P; P
+ d: z: F, x1 k9 s m# w$ @- x, r
The City determines the cost of all services and infrastructure (a.k.a. the budget). About 15% of the budget is covered by fines, permits, user fees, grants, etc. The other 85% is covered by residential property taxes.8 z5 }5 o( g; _ t
, Y/ ^/ O+ A& i) g5 uThe city assesses the value of all the property in Edmonton. The tax rate is determined by the total value of the property in Edmonton and the budget.
) P6 z9 B1 X5 z' H8 a6 q; b
' h% m; x: }' D* pSimply put, your assessment x the tax rate = your municipal taxes./ I& h: l) S+ U) R# d3 {
3 w$ v8 }7 a4 I) C: |
So technically, if your assessment went down, but the city budget went up, your taxes could actually go up!9 j% e( \# U5 j3 ? e, p, R
8 o# T1 @! e, @ {2 ?& Y
How your municipal taxes are calculated:) t1 c; Y ]. v5 a% B# [7 r2 ]+ D
' y/ D( X9 A5 n5 r. s6 r K3 ^
Property tax is made up of a municipal portion, a provincial education portion, and local improvement charges. Local improvement charges apply to about 25% of all properties in Edmonton. 4 R( X& H' Z% U; C3 y% ~$ q9 l
0 ?( @5 @' n0 E' pThe provincial government determines the amount of education tax each municipality in Alberta will pay. The City is required to collect this tax from property owners on behalf of the province.
8 o1 h2 F/ y' Q! J% ]' n2 H$ P7 _' @
1 }) D8 f9 t. X1 f' f% N" sHow is your property assessed?
/ T& \5 L" x$ h/ Q( k8 r, i R5 h, G6 F) W
Assessors use these factors along with recent home sale statistics to determine a "market value" assessment for residential properties: + N8 g3 f0 a; n ~
5 g$ M# e! ^, ]: \2 `Style of house (examples: bungalow, bi-level)
7 n/ c" A' r e. m! V( a) G& OSize of lot Size of house (outside measurements)
1 V1 w; R# R: b' v, {9 L6 qYear built * I3 V0 R* u- w; l4 n5 B
Basement or lower level finish
& N# Q' k' q8 DGarage (examples: size, detached or attached building) 5 g- I9 {: K5 }0 I1 T
Exterior finish Building condition " a6 o$ O" a; E& t
Type of roof
% N9 o! h5 h0 nFireplaces, air conditioning or other special features
9 y9 a1 Y3 m Y! Y. ~Site or location influences (examples: golf course, lake, park, ravine, river valley, commercial, institutional, multi-family, traffic) 9 {2 K- U1 x7 @# s0 b* h
Swimming pools and associated buildings
$ x9 z; r) V1 {1 a. M) i( nComplete information on the tax assessment is available here.
6 g1 Z) B" y0 O
; _' b7 I7 S) ~+ @5 V- `If you pay your taxes annually they are due June 30. |
|