The city assessed value DOES NOT equal current market value.
Assessed value is used for tax purposes and is sent out to each owner at the beginning of each year.
The City's property assessors capture the market conditions of Edmonton’s real estate market as of July 1 (6 months before they send out the new property tax amount)
This is a misconception that leads to misunderstandings and potentially costly mistakes.
Appraisals: Appraisals are assessments of a property's value, conducted by a licensed appraiser. The process and outcome varies based on the appraiser's experience, knowledge of the local market, and thoroughness of research.