Is your City of Edmonton Property Assessment Accuarate?
Property assesments in Edmonton are only a base point. Your home could be worth a lot less or a lot more. The city uses a computer system to generate an estimated guess of your homes value without physically seeing it. There are several reasons why your property assessment is not accuate.
Should I dispute my tax assesment?
Every year, edmontonians recieve thier city assesment and if you feel that assessed value is incorrect, you do have the option to dispute it. If you win, your property taxes will go down. However, if the city says your home is worth more, they will increase the amount of taxes you owe every year. Before disputing the value of your home, it is best to reach out to an experienced REALTOR® for a more accurate selling value.
What is the difference between a property assesment and your tax assesment?
A tax assesment is what the city of Edmonton says your home is worth. A property assesment is the current market value of what your property is actually worth in today's real estate market.
There are many factors which come into play when there is a discretion in the price of your homes value. Mainly because the city is only guessing whats going on in your neighborhood by looking at sales data. Below are reasons why the city of Edmonton assessment is different from the true value of your home?
What buyers think when they check out your tax assesment (And they do)
If your assesment is higher than your selling value, buyers may feel like they are being ripped off. If it is lower, they can feel like they are getting a great deal. An experienced REALTOR® will explain why there is a discression, however, if buyers are not educated, the sale of your home can go sideways.
Reasons not to rely on your City of Edmonton property assesment
- They don't go into your home (unless you dispute it and invite them in)
- Several foreclosures in your neighborhood (this will decrease your homes value)
- Several permits taken out for renovations (this will increase your homes value)
- A few nearby properties sold 1.5 to 2 years ago which were much higher or lower
- The condition of your home is worse of better than most in the neighborhood
- The square footage of your property
- The size of land your property sits on
If you are considering selling your home, please contact me for a free no-obligation accurate market analysis of your home. Call my office at 780-910-5179