Most property owners will see a higher assessed value for their homes when they open their annual notices sent out by the city Friday.
“One of the reasons for the increase in value for detached homes might be pandemic related.
But the change in assessment values doesn’t necessarily mean residents will be seeing the same impact to their property taxes.
But for properties where the assessed value increased more than the average, owners will see a greater change to taxes.
Condos and townhomes were the only properties in the residential class to drop, going down in value by 3.1 per cent.
Property values continued to dip on the non-residential side, largely in response to the COVID-19 pandemic, falling by 2.5 per cent overall.
The neighbourhood with the biggest jump in property value is Elsinore in the city’s far north, jumping up 11.79 per cent after having one of the biggest decreases the previous year.
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