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Most Edmonton property owners will see lower assessments when they open their notices mailed by the city Friday after the COVID-19 pandemic sparked a dip in value across the real estate market.
Non-residential properties took the greatest hit with an overall assessed value decrease of 7.6 per cent from 2019. Of these buildings, hotel and motel owners saw their property values almost cut in half with a 42.2 per cent drop. City assessor Cate Watt said the pandemic has had detrimental impacts on the industry and that is illustrated in the steep decline of their property worth. Assessments reflect the city’s estimate of a property’s market value as of July 1, 2020.