Edmonton property owners will be receiving their assessment notices in the mail over the coming days. The City of Edmonton sent the assessments Wednesday.
The largest value increase to single-family homes occurred in the communities of Ritchie (9.4%), Cromdale (8.5%), Rural West Big Lake (8.1%), Highlands (7.5%), and Lansdowne (7.3%).
The most significant drop came in the neighbourhoods of High Park (-4.4%), Sky Rattler (-4.6%), Ramsey Heights (-4.6%), Carter Crest (-4.7%), and Westridge (-5.6%).
View Edmonton Assessment Notice in a larger map
The typical single-family home in Edmonton is now assessed at $364,000, an increase of 1.3% from the previous year. The assessed value of condominiums, townhouses and duplexes rose 0.5%. Apartment buildings - four or more suites - increased by 6%.
"The assessment notice is not your property tax bill, which will be mailed in May," says Rod Risling, manager of the City's Assessment and Taxation Branch.
"Property assessments are used to determine each property owner's share of the total municipal tax levy, which funds the City's annual budget for civic services."
The City says it uses the record for all property sales to help assess the market value for all properties. Assessors also look at factors such as building size, age, condition and location. 341,813 properties were assessed which reflect the mark value as of July 1, 2012.
The City is encouraging property owners to review their assessed value, compare it with similar properties in their area using the City's online tools and make sure the value reflects what the property could have sold for on the open market.
"If Edmontonians have concerns about their assessment notices, they should call 311. In most cases, our assessors can correct errors right away," says Risling.
If an owner isn't satisfied after talking to an assessor, they can file a written complaint with the Assessment Review Board, which must be made by March 11, 2013. Property owners can appeal their assessment, but not tax bills.
The City has online maps and a tax estimator available at edmonton.ca/assessment to help owners review their assessment and estimate their 2013 tax bill.
"We encourage Edmontonians to use these tools to get a good idea of the taxes they will be required to pay in June," says Risling.
"If they are paying municipal taxes monthly, they may choose to adjust their monthly payments now. This method of payment will help spread any increase across 12 months."
The City of Edmonton passed its budget in December, which calls for a 3.3% increase. This means an owner of a $364,000 home will pay about $60 more this year than in 2012.
The final tax notice will be sent in May after the Province announces the education tax, which typically amounts to about one-third of the total property tax bill.
© Global News. A division of Shaw Media Inc., 2013.