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Found out my Edmonton bungalow lot is only worth $200 more than the house on it
So I was poking around the city property tax assessment site last night, just bored, and I pulled up my own place in Mill Woods out of curiosity. The assessment splits out the land value and the building value separately, and I nearly spit out my coffee. The lot is listed at $309,000 and the house on top of it is $309,200. Two hundred bucks apart. I bought this place in 2019 thinking the land was the safe part and the house was the part that rots, leaks, and costs me money every time I turn around. Apparently the city thinks my 1968 bungalow with the original wiring is worth basically the same as the dirt it sits on. My neighbor two doors down has a lot the exact same size and his building assessment is $40k higher, which makes zero sense because his place has the same layout and a worse driveway. I called the assessment office and the guy just said values are based on market data and recent sales, which is a real helpful thing to hear. Anyone else out there seen their land and building assessments land this close together, and did fighting it with the city actually do anything?
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rayc385d ago
Wait, your lot is worth $309,000? That is the part that's blowing my mind here. I always figured Mill Woods lots were sitting around $180k to $220k, so seeing three hundred grand for dirt in a 1968 subdivision is wild to me. And the house being $200 more than the land is just the cherry on top. The city basically told you your bungalow is worth one decent used car more than the grass around it. My place in the west end has the land at about 60 percent of the total, so I have never seen a split this lopsided. The assessment guy saying "market data and recent sales" is the standard script they read off, and from what I hear the appeal only works if you can show them actual comparable sales that prove they got it wrong.
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