Glossary of Assessment and Property Tax Terms
Market Value Assessment
Provincial legislation requires all municipalities to determine annually the value of all property in their jurisdiction for property assessment and taxation purposes. Most property, residential, commercial and industrial, is required to be valued on the basis of its market value on July 1 of each year. market value is the amount a property may sell for on the open market by a willing seller to a willing buyer.
These assessed values are used to determine each property's share of the total tax requirement to pay for the City's budget for programs and services. Each property's assessed value is a portion of the total assessed value of all properties in the City. That portion represents each property's share of the total taxes needed.
The assessed values are also used to determine each property's share of the revenue required to pay the provincial education property tax bill.
Annual Property Assessment Notice
A notice is sent to all Edmonton property owners in early January stating what their property may have sold for on the open market as of July 1 of the previous year. City assessors use similar factors to determine property values as real estate agents use when they set the price of a property for sale. They consider the selling price of similar properties, the age, location, condition, lot and building size, views and proximity to green space.
City Budget
The amount City Council determines is needed to provide programs and services to its citizens.
Capital Budget
The amount required to pay for the construction of infrastructure such as new roads, LRT lines, sidewalks, police cars and buses, and buildings like fire halls, libraries and recreation centres. It also pays for maintenance and renovations. The capital budget is a three-year plan. A portion of property taxes are used for infrastructure; funding for large infrastructure projects also comes from other orders of government (provincial and federal governments).
Operating Budget
The money needed to pay the daily operating costs of all programs and services, such as snow clearing, parks and road maintenance, recreation programs, transit service, police and firefighter protection. This covers things such as staff salaries, fuel and utilities, supplies and service materials.
City Taxes
Property taxes are due June 30, 2010. City property taxes help pay for services such as police, transportation and transit, recreation parks and culture, civic operations and other city services and capital projects. User fees, permits and fines also help pay for services and programs.
For more information:
2nd Floor, Chancery Hall
3 Sir Winston Churchill Square
Edmonton, AB T5J 2C3
| Telephone | 780-496-6388 |
|---|---|
| Fax | 780-496-1986 |
