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Assessment

2017 is a Reassessment Year

In 2017, all properties in the province were reassessed. Reassessment notices were mailed to property owners in January  2017.  The updated assessed values now reflect a property's market value as of January 1, 2015. The 2017 Reassessment notice showed a property's previous 2013 assessed value - and the property's new assessed value for 2017.

Your Guide to Information Found on the 2017 Assessment Notice

Use the online Property Assessment & Tax tool to review your property's assessed value and ensure accuracy of your property's information. This was a reassessment year - changes to your assessment were considered for appeals received during the 60-day Customer Review Period, open January 9, 2017 to March 10, 2017.

View our informative short video  Understanding Residential Property Assessment to learn more about the factors used to determine your residential property's assessed value.

A reassessment of all property classes is required by provincial legislation every four years so that property values are more current. The property reassessment process ensures that all Saskatoon property owners pay their fair share of municipal and provincial education property taxes; owners of properties with similar values will pay similar property taxes. Reassessments have no impact on the total property tax amount a municipality raises.

The last reassessment year was 2013. Since 2013, property owners have been paying property tax each year based on the market value of their property as of January 1, 2011. Market value is the amount the City estimates the property would have sold for on the open market, on a given date legislated by the Government of Saskatchewan.

The City of Saskatoon is committed to placing fair, accurate and equitable values on all property types in the city.
 

What does 'Percentage of Value' mean? It's shown on my 2017 Reassessment Notice I  received in early January 2017. 

  • The ‘percentage of value’ is applied to an assessed value to arrive at the taxable assessment.  The percentage of value does not affect the revenue generated by the City. 
  • The Province changed the' percentage of value' on residential properties from 70% to 80% for 2017. Property owners will not pay more because of this change. 
  • The effective tax rate decreases to ensure the municipal revenue generated stays the same, or revenue neutral. The table below shows you a sample calculation of how 'percentage of value' works. 

Sample Residential Property
Assessed Value

 

Percentage of Value

 

Taxable Assessment

 

Municipal
Effective Tax Rate

(For Table Illustration Only)
 

Municipal Revenue
Generated

 

$450,000 70% $315,000 0.0075% $2,362.50
$450,000 80% $360,000 0.0066% $2,362.50

 

Frequently Asked Questions about Property Assessment

2017 is a reassessment year. What does this mean? 

The Province of Saskatchewan requires the City of Saskatoon (City) to conduct a reassessment of all property classes or types every four years.  The purpose of a property reassessment is to recalculate the property’s value so that it reflects an updated and more current market value assessment. 

In 2017, all property types had their values reassessed and updated to reflect the assessed value of the property as of January 1, 2015.  This date is referred to as the base valuation date.  The 2017 reassessment of your property now reflects its market value assessment using a base date as of January 1, 2015; this assessed value will stay in place from 2017 to 2020. The next province-wide reassessment of all property types will be in 2021. 

The last reassessment in 2013 reflected property values as of the base date of January 1, 2011. The previous assessed value was in place from 2013 to 2016. 

How is reassessment connected to what I pay in property taxes? 

The updated assessed market value will be used to determine property taxes.  Assessment of all properties is a way of equitably distributing the tax load. Property taxes are based on your property’s assessed value, and owners of properties with similar values pay similar taxes.  Your property’s assessed value is used to distribute the funds the City and school boards require to operate. 

My 2017 Reassessment notice showed a Percentage of Value (80%), what does this mean?

The ‘percentage of value’ is applied to an assessed value to arrive at the taxable assessment. The percentage of value does not affect the revenue generated by the City.  The Province has changed the percentage of value on residential properties from 70% to 80%. Property owners will not pay more because of this change. Shown in the table below, the effective tax rate decreases to ensure the municipal revenue generated stays the same.

Sample Residential Property
Assessed Value

 

Percentage of Value

 

Taxable Assessment

 

Municipal
Effective Tax Rate

(For Table Illustration Only)
 

Municipal Revenue
Generated

 

$450,000 70% $315,000 0.0075% $2,362.50
$450,000 80% $360,000 0.0066% $2,362.50

 

What does the term phase-in mean? How does it work?

2017 was a reassement year. If your new 2017 property assessment was higher or lower than in 2013,  any increase or decrease to your property tax as a result of the reassessment to your property - will be phased in or spread out over the next two years. 

Phase-in is only applied to changes in assessed values as a result of a reassessment, and not because of new construction, renovations, demolitions, or changes in the tax rate resulting from the annual budget. The phase-in calculation specific to your property (an increase or a decrease) will be shown on your 2017 Property Tax Notice, mailed to property owners in May 2017.

Will my property taxes change with a reassessment?

Not necessarily. It is common for properties to experience property assessment increases or decreases at different rates due to changes in the market place or economy.  There are some properties which its assessed values will have increased or decreased more than the average within its property tax class; these properties will see tax changes as a result of the 2017 Reassessment. 

Does reassessment and the term revaluation mean the same thing? 

Yes, these terms can be used interchangeably.  They both refer to the process of updating assessed values of all property classes or types to a more current market value assessment, as of a set valuation date.  The 2017 reassessment of your property will now reflect its market value assessment as of January 1, 2015, and this assessed value will be in place from 2017 to 2020. 

Is the assessed value  on my 2017 Reassessment Notice, the value I would sell my property for today? 

The assessed  value is not the value of what you would sell your property for today — the assessed value is calculated for taxation purposes only and is an estimate based on sold properties in your market area as of the valuation date of January 1, 2015. 

For 2017, how many properties did the City reassess and what was the total assessed value? 

The total approximate number of property accounts on the 2017 Assessment Roll is 95,000, divided as follows: 

88,000 residential properties
7,000 non-residential properties 

For 2017, the assessed value of all property in Saskatoon was $52.1 Billion - $30.1 Billion for residential properties and $22 Billion for non-residential properties.

What if the real estate market has changed since the valuation date of January 1, 2015?  

Changes in the real estate market after January 1, 2015 will be reflected in the next province-wide reassessment in 2021.  As per legislation, market data or information that surfaced after January 1, 2015 cannot be considered in the 2017 reassessment. 

What is the difference between the assessed value calculated for my property and the price I paid for it? 

In most cases, your property’s assessed value will not match your property’s selling price for the following reasons: 

Legislation requires that your assessed value reflects a value as of January 1, 2015.  This date may differ from your sale date. 

Mass appraisal is required to be used to calculate assessed values in Saskatchewan.  This means that all sold properties, within the relevant time frame, are required to be used to develop assessed values in your market neighbourhood. 

Your property’s selling price is an amount paid between a buyer and seller in an individual transaction.  This amount may differ from what another individual would be willing to pay for a variety of reasons such as personal preferences, negotiating skills, and particular wants and desires of both the seller and buyer. 

The assessed values developed consider all varying reasons why selling prices may differ from one another.  A typical value is calculated giving consideration to these different motivations.

How does the City use the assessed values to allocate property taxes? 

Property taxes are based on your property’s assessed value.  For more information on the many civic services funded through property taxes, go to the Tax Information tab on the Property Assessment & Tax Tool found on the City’s website saskatoon.ca.  This easy-to-use online tax tool also allows you review market area and neighbourhood assessments similar to yours. 

How does the City assess residential properties? 

The City must use mass appraisal approaches when conducting residential assessments.  With this approach, property values are a reflection of their market value assessment on a given date. For the 2017 reassessment, this date is January 1, 2015. 

View the informative video Understanding Residential Property Assessment

Since residential properties have an active sales market, a sales comparison approach is used.  Statistical models, or mathematical formulas, are developed to calculate the assessed values.  

Differences in assessed values are based on property characteristics that are statistically measurable and significant.  These models are created through an analysis of sales and property characteristics, and are the most economical way to determine property values.  Using these models ensure equity as similar properties will have a similar assessed value.  

What factors may influence the assessment of my residential property? 

For residential assessment, some of the factors used to determine the value include location or neighbourhood of the property, lot size, living area, quality of construction and age.  These factors do not increase or decrease your residential property’s assessed value: plumbing details, decks or landscaping, a back lane or broad-based influences such as aircraft noise.  For more information on how your residential assessment is calculated, check out our informative video, Understanding Residential Property Assessment  

How does the City assess commercial properties? 

The most commonly used approach to value commercial properties is the income approach.  This approach capitalizes the net rental income of a property to arrive at a value.  As legislation dictates, mass appraisal techniques are used to ensure fairness and equity. 

Will the City collect more taxes as a result of the 2017 reassessment? 

City Council has required that the results of a reassessment or revaluation remain revenue neutral at the property class level with no changes in taxes between property classes.  Revenue neutral is a tax calculation, which means whether property assessments increase or decrease due to changes in values, the City’s tax revenue does not automatically change – the City still receives the same amount of tax revenue.  

Revenue neutral assumes that the City, school boards and libraries require the exact amount of tax dollars from each class of property.  Any yearly tax change brought forward by the City is communicated through the budgetary process, not by the reassessment process.  

With the 2017 reassessment, what was the average change in assessment value by property class?

 

Revaluation Year

Residential
(includes condominiums)

Multi-unit Res Commercial Agricultural
2017 +12% +51% +36% +112%

If I am not satisfied with my assessment, what should I do? 

In a reassessment you, you have 60 days from the mailing date on your assessment notice to have any errors corrected or to file a formal appeal at the Board of Revision.  This is called the 60-Day Customer Review Period - for 2017, this was open January 9- March 10, 2017.

To assist you in your assessment review, the City makes property, market and sales information available within the Property Assessment & Tax Tool 

This tool will assist you to ensure all information related to your property is correct.  Review your property’s assessment details and ask, “are the characteristics displayed for my property correct?”

If you require further information or have questions, contact Assessment & Taxation at 306-975-3227, or visit the Assessment & Taxation Office located one block north of City Hall at 325 3rd Avenue North, between 8:00 a.m. – 5:00 p.m.  Ask to speak to an assessment appraiser, who will explain to you how your assessment was arrived at.

Can I mail a letter with my concerns or questions regarding my assessment?

Yes, send your letter to City Hall, Assessment & Taxation, 222 - 3rd Avenue North, Saskatoon, SK S7K 0J5 

Can I appeal my property taxes? 

No, only your assessment can be appealed, not your property taxes. Changes to your property assessment will only be considered if your assessment appeal is received during the 60-Day Customer Review Period, January 9 to March 10, 2017. 

When will the 2017 Property Tax Notices be mailed? What are my payment options?

The 2017 Property Tax Notices will be mailed May 2017, and your 2017 Property Tax payment is due June 30, 2017.

There are many payment options available to you. If you are paying after June 30 of the current tax year, please call our customer service representatives at 306-975-2400 to confirm your tax amount due including any penalties.