property tax

[spirit4u]

So I got my assessment notice the other day. Wow it dropped like almost 50K. Should I just stay quiet about it and enjoy saving a few hundred in payment? Lol. Has anyone else had their assessed value drop off?

[Donkey Oatey]

Prices dropping everywhere and mine went up $9000 last year from 2017. Not sure how they figure that one out. Haven't received 2019 assessment yet. That isn't until the end of May.

[Justfishin73]

Value "drops"---taxes increase---call it a push

[elkhunter11]

Originally Posted by Justfishin73

Value "drops"---taxes increase---call it a push

Exactly, the values drop, so they increase the tax rate to recover the difference.

[SageValleyOutdoors]

Originally Posted by elkhunter11

Exactly, the values drop, so they increase the tax rate to recover the difference.

Then the values rise, and they raise the tax rate again- saying that with so many people moving to alberta, they need more tax revenue to provide services to everyone.

[jstubbs]

Property tax assessments are based off a quick and dirty formula so valuations can really fluctuate year-to-year. For example, my parents place had roughly an 12% drop in valuation from 2017 to 2018 here in Edmonton. If a couple comparable houses sell in your neighbourhood, your assessment could drastically change just based off that.

Overall though, the RE market has been rough across the province and prop taxes will likely be going down--giving council's the perfect excuse to raise property taxes (and never temporarily, nor do they ever go down) to make up for the shortfall.

[josey]

Originally Posted by spirit4u

So I got my assessment notice the other day. Wow it dropped like almost 50K. Should I just stay quiet about it and enjoy saving a few hundred in payment? Lol. Has anyone else had their assessed value drop off?

Why would you say something? Property taxes are lower and you aren't happy?

[Bushrat]

Originally Posted by spirit4u

Has anyone else had their assessed value drop off?

Last year my assessed value dropped but my taxes went up $100

[Trochu]

Originally Posted by Bushrat

Last year my assessed value dropped but my taxes went up $100

Gotta love the mill rate.

[FCLightning]

Originally Posted by spirit4u

So I got my assessment notice the other day. Wow it dropped like almost 50K. Should I just stay quiet about it and enjoy saving a few hundred in payment? Lol. Has anyone else had their assessed value drop off?

Unless your assessment dropped and nobody elses did you likely won't see much change in what you pay.

[aulrich]

Your assessment only dictates how much tax you pay in relation to your neighbor or a community across town. it's not like governments are spending less money.