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City of Saskatoon 2021 Assessment Roll: Highlights, Key Findings

For immediate release: January 27, 2021 - 4:01pm
CF21-1900

The City wants property owners to better understand the provincial property assessment process and has developed new tools and information to help. As is required by provincial law, all property types must be reassessed every four years. The City of Saskatoon issued more than 100,000 Reassessment Notices to property owners via mail earlier this week along with an informative guide.

“We’re here to help property owners and answer their assessment questions,” says Bryce Trew, City Assessor. “For 2021, we’ve created six new videos and enhanced our online tools to assist property owners with additional information to help explain the assessment process – which can be confusing at times.

We encourage property owners to review their property’s new assessed value and characteristics on our website and to get in touch with us for support. Most assessment-related questions can be addressed by chatting with an assessor before deciding to file a formal appeal with fees. Property owners may connect with us by email, phone or by making a safely distanced in-person appointment, adds Trew.”

The 2021 Assessment Roll is now available for public viewing.  Property owners also have a 60-Day Customer Review Period – the time during which they may formally appeal their assessment.  The roll and appeal period are both open from January 25 through to March 29, 2021.

 “Some property owners have asked if their property’s new assessed value is what they would typically sell their property for and this may not be the case,” Trew says. “The assessed value of your property is calculated for taxation purposes only - it’s an estimate based on sold properties in your market area.  The provincial law works with a legislated base date and for 2021 that date is January 1, 2019.

It’s important to note that any market influence COVID-19 may or may not have had on a property’s assessed value will not be reflected in the 2021 property reassessment figures as the pandemic occurred after the base date.” 

2021 Reassessment Information Backgrounder

Highlights of the 2021 Assessment Roll:               

  • The total value of the 2021 Taxable Assessment Roll is $41.3 billion, compared to $43 billion in 2020 as a result of reassessment.
    • Commercial assessment accounts for $9.9 billion (approx. 3,300 properties)
    • Residential assessment accounts for $31.4 billion (approx. 91,000 properties)
  • The typical Residential property assessed value in Saskatoon decreased 7% and the typical Non-Residential (Commercial) property assessed value increased 8%. (In the last assessment cycle, the Residential tax class increased 12% and the Commercial tax class increased 36%.)
    • If a property owner had an assessment reduction of 7% in assessment, this does not mean their property tax will decrease 7%.

Key Findings from the 2021 Assessment Roll

Assessment Subgroups:

Single-Family Residential: decreased 6% (Median Assessment is $344,000)

Residential Condominiums: decreased 12% (Median Assessment is $209,900)

Multi-Residential: decreased 11% (Median Assessment is $1,404,900)

Retail: increased 24% (Median Assessment is $1,503,500)

Office: increased 16% (Median Assessment is $1,377,750)

Industrial: decreased 10% (Median Assessment is $1,431,900)

Hotel: decreased 23% (Median Assessment is $9,688,300)

  • 93% of Single-Family properties had a change of plus or minus 10% of the average change (decrease of 7%).
  • 28% of Residential Condos saw a decrease of 10%-20% more than average change (decrease of 7%).
  • Within the Multi-Residential subgroup, Townhouse decreased 19% and Low-Rise decreased 14%, the largest decreases. These two groups account for 90% of the Multi-Residential subgroup inventory.
  • 33% of Commercial properties had a change of plus or minus 10% of the average change (increase of 8%). 

Questions? We’re here to help.

Email: assessment.submit@saskatoon.ca

Mail: City of Saskatoon, Assessment & Valuation, 222 - 3rd Avenue North, Saskatoon, SK S7K 0J5

Call:  306-975-3227 for questions or to book an in-person appointment Monday to Friday, 8:00 a.m. to 5:00 p.m.

Visit saskatoon.ca/assessment for more information.