As we look ahead to 2025, Edmonton homeowners may need to prepare for a significant increase in property taxes. The city is facing a budget shortfall that could lead to a potential tax hike, and officials are warning that this increase might be more substantial than originally anticipated.

Why the Increase?

Edmonton's current four-year budget plan includes a tax increase of 7% for 2025. This is in response to the city's ongoing financial challenges, which have been exacerbated by various economic factors. Without a clear strategy to address these shortfalls, the possibility of a double-digit increase is becoming more likely. City staff are working to avoid this scenario, but the risk remains.

How Will This Affect You?

For homeowners, particularly those who have recently made improvements to their properties, such as finishing a basement, this increase could have a noticeable impact. A finished basement can raise the assessed value of your home, leading to higher property taxes.

What Can You Do?

It's important to stay informed and plan ahead. If you're concerned about how this potential tax hike could affect you, consider consulting with a real estate professional or tax advisor. They can provide guidance on what steps you might take to mitigate the impact.

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I will continue to monitor this situation closely and provide updates as more information becomes available. Stay tuned to my blog for the latest developments.

- Reggie Sandhu