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Assessment

2017 is a Reassessment Year

In 2017, all properties in the province will  be reassessed,  and the updated values will reflect market value as of January 1, 2015. Reassessment notices will be mailed to property owners starting January 9, 2017. Residents will see their property's previous 2013 assessed value and their property's new assessed value for 2017.

Your Guide to Information Found on the 2017 Assessment Notice

 When you receive your new 2017 Assessment notice you'll have an opportunity to:

  • use the online Property Assessment & Tax tool to review your property's assessed value and ensure accuracy of property information
  • be shown a preview of the effect of the 2017 Reassessment on your property taxes by using the new Revenue Neutral Property Tax Estimator
  • obtain more information on your property's new assessed value, and have your questions or concerns addressed  by speaking directly with an assessment appraiser  at 306-975-3227. Most concerns can be addressed by speaking with an assessment appraiser prior to starting a formal appeal process with fees as set out in Bylaw 7595
  • proceed formally to appeal your assessment through the Board of Revision if you wish - changes to your assessment will only be considered if your appeal is received during the 60-day Customer Review Period,  January 9, 2017 to March 10, 2017
  • plan ahead for your 2017 Property Tax payment due June 30, 2017

View our informative short video  Understanding Residential Property Tax Assessment to learn more about the factors that may increase or decrease 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.
 

When reviewing your 2017 Reassessment Notice in early January 2017, you will see 'Percentage of Value'

  • 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 will have 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 valuation date.  The 2017 reassessment of your property will now reflect its market value assessment using a base date as of January 1, 2015, and this assessed value will be in place from 2017 to 2020. 2017 is the sixth reassessment under this schedule. 

The last reassessment in 2013 reflected property values as of the base date of January 1, 2011. These values stayed 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. 

I've received my 2017 Reassessment notice and I see 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? 

For residential properties, any change to your property tax as a result of the 2017 reassessment will be phased-in or spread out on your property tax notice over a two-year period. 

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. 

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. 

Is there a way to preview the effect of the 2017 reassessment on my property taxes? 

Yes, by using our newest online resource found on saskatoon.ca.  The Revenue Neutral Property Tax Estimator will show you a preview of the effect of the 2017 reassessment on your property taxes. 

Enter your property's new assessed value, the 2016 assessed value, and your sub-class — all found on your 2017 Assessment Notice.  The estimate does not include any increases in property taxes due to changes in the 2017 budget. 

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 market value I see on my 2017 Reassessment Notice, the value I would sell my property for today? 

The assessed market value is not the value of what you would sell your property for today — it is calculated to reflect the market value assessment as of the valuation date of January 1, 2015, or what it might have sold for then. 

For 2017, how many properties did the City reassess and what is 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 is $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. 

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 on saskatoon.ca/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? 

When you receive your property assessment notice in January, take the time to fully review it.  You have 60 days from the mailing date on the notice to have any errors corrected or to file a formal appeal at the Board of Revision.   

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

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.

Most assessment related errors can be resolved by speaking with an assessor with no formal appeal fee required.  

If after speaking with an assessor you still disagree with your property’s assessment, you may file a formal appeal with the Board of Revision.  Information on the formal appeal process is located on the back of your assessment notice, and also on saskatoon.ca/assessmentappeals

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? 

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

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