Estimate your Taxes
When you receive your property value assessment notice in January you can estimate roughly how much your taxes will be in May. Your assessment notice shows an estimated 2010 tax amount, with a change in your tax based on your property value change compared to the average. But this estimate does NOT include the increase due to the new 2010 budget, or the provincial education tax, which is announced in March or April.
The easiest way to factor in the adjustment for the provincial education tax and the 2010 City budget increase, add roughly 3 to 4 percent on top of the estimated tax amount on your January assessment notice.
Budget to pay this rough amount by June 30, or you can apply to spread the cost over the year with a monthly payment plan.
Another way to estimate your total tax in May is to compare your change in property value to the average to see if you will pay more or less than the average tax increase.
The front of your assessment notice identifies your property’s assessed value in 2009 (for the 2010 tax year) and in 2008 (for the 2009 tax year).
- Calculate the percentage change in your property’s assessment.
Example:
Your most recent Property Assessment
$330,000
Minus
Your last year's Property Assessment
$365,000
Change
-$35,000
Calculate percentage change
(-35,000 divided by 365,000) X 100
= -0.0958 X 100
= -9.58% - Look at your tax bill from last year.
- Compare the change in your residential property’s assessed value with the average decline overall in the value of Edmonton households, which was about 10 per cent.
- If your property’s assessment decreased in value the same as the average decrease of about 10 per cent, your taxes from last year will likely increase by about five per cent, which is the average increase required for the 2010 budget.
- If your property assessment decreased in value greater than the average decrease for Edmonton properties, your taxes will likely increase less than the budget-required tax increase of five per cent.
- If your property assessment decreased less than the average decrease for Edmonton properties, or if your property value increased, your taxes will likely increase more than five per cent.
The final tax bill will be affected by adjustments due to property class shifts and the provincial education tax, announced in April.
You will receive your final property tax notice in May, with payment due in June.
For more information:
2nd Floor, Chancery Hall
3 Sir Winston Churchill Square
Edmonton, AB T5J 2C3
| Telephone | 780-496-6388 |
|---|---|
| Fax | 780-496-1986 |
