How Property Assessments Affect What You Pay In Property Taxes: Explained With House Plants

A property assessment is what the City estimates your property’s market value is on July 1st of the previous year. But how does it affect what you pay in property taxes?

When City’s budget grows, property taxes need to increase as well.

The assessment value is used to calculate your share of property taxes in proportion to the value of the property you own. If property values go up "X percent", that doesn’t mean your taxes will necessarily go up that much. What is important is how your property value increase compares to the average increase.

If the value of your property grew more than the city average, you can expect a larger than average property tax increase.

If the value of your property grew less than the city average, you can expect a smaller than average property tax increase.

It’s a jungle out there. Get more property assessment information by checking out the rest of our videos or by visiting http://edmonton.ca/assessment.

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