The average value of a single family detached home in Fort Saskatchewan was up 0.8 per cent to $396,600 in 2017.
 
Mike Krim of Tanmar Consulting shared this and other key information with the city at Tuesday's (Apr.10) council meeting. Krim was at the meeting to give an update on property assessment changes ahead of the 2018 Property Tax Bylaw that will be presented to council later this month.

Krim reported that 78.65 per cent of single family properties saw assessment values change between -2 per cent and +2 per cent from July 2016 to 2017.
 
Surrounding areas saw similar changes, with overall single family home assessments up 1.2 per cent in Sherwood Park and 0.6 per cent in Edmonton.
 
“We found we’re pretty much right in the ballpark with everybody else,” Krim said, commenting on a survey done about assessments in other municipalities.

The average assessed value of single family attached homes, including duplexes and triplexes, was up 1.9 per cent. The average condominium assessment was down 0.5 per cent.

Multi-family residential property assessment values were also lower, partly due to increases in vacancies and decreases in rental rates. Residential apartment buildings were down 2.1 per cent, fourplexes down 2.9 per cent and townhomes down 5.7 per cent.

City councillor Brian Kelly saw nothing unusual or alarming in the update.

“It was all good information for council,” he said. He also shared his thoughts on the 2018 property tax notices that will soon land in local mailboxes.

“When you get your assessment notice, make sure you take a look at it,” he said. “It is certainly every citizen's right or every homeowner's right to question their assessment and to get answers that they understand, and/or press the matter further to the appeal board if necessary.”

The city uses a market value approach when assessing properties. According to the city's website, market value is the price a property might reasonably sell for after adequate time on an open market. Assessments also take into account home size, location, age, upgrades and other factors.
 
A total of 10,220 residential parcels with a value of $3.51 billion were assessed in 2017.

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