Glossary for Assessment and Taxes
Market Value Assessment
The amount a property may sell for on the open market by a willing seller to a willing buyer. The Alberta government requires all municipalities to update property values annually to reflect the market value of July 1. This is used to determine each property’s share of the total tax requirement to pay for the City’s budget for services. One property’s value is a portion of the total value of all properties. That portion represents the share of the total taxes needed.
Property Value Assessment Notice
A notice sent to all Edmonton property owners in early January stating what the likely price their house 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. They consider the selling price of similar properties, the age, location, condition, lot and building size, views and green space.
City Budget
The amount City Council determines is needed to provide programs and services to Edmontonians.
Capital Budget
Pays for construction of infrastructure such as new roads, LRT lines, sidewalks, fleet of police cars and buses, and buildings like fire halls, libraries and recreation centres. Also pays for maintenance and renovations. The capital budget is a 3-year plan. A small fraction of taxes are used for infrastructure; most funding comes from other orders of government.
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
Due June 30, 2009. City taxes help pay for city services such as police, transportation and transit, recreation parks and culture, civic operations and other city services and capital projects. They are a combination of property taxes and business taxes. 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 |
