Legislation requires that all properties in Saskatchewan be revalued once every four years. The most recent province-wide revaluation year was 2017, with the next one occurring in 2021.
For the 2021 revaluation, the base date used for assessment values will be January 1, 2019. This ensures assessed values are more current and that property owners can better understand these values.
One of the key considerations in a revaluation is the province-wide property classes and percentages of value that are applied to assessed values in order to calculate taxable assessments.
Percentages of Value
Percentages of Value (POV) are used to calculate taxable assessments from assessed values determined by assessment appraisers. Taxable assessments are then multiplied by the mill rate, established by municipalities for the municipal portion and the province for the education portion, to determine property tax.
Changes to POV shift tax among property classes. They do not reduce or increase taxes.
Currently, the POV are:
- non-arable (range or pasture land) - 45 per cent
- other (cultivated) agricultural land - 55 per cent
- residential - 80 per cent
- multi-unit residential - 80 per cent
- seasonal residential - 80 per cent
- commercial/industrial - 100 per cent
The ministry consulted with various sectors and organizations within the province as part of the process of considering percentages of value and property classes. These include:
- residential property associations
- agricultural associations
- oil and gas industry
- pipeline industry
- commercial/business sector
- grain elevator industry
- mining and forestry industries
- railway industry
- local government associations
- the Saskatchewan Assessment Management Agency
The presentation below was shown during these consultations. The presentation contains information about the upcoming revaluation and models possible assessment and tax shifts.