Understanding your Property Assessment
Every four years in Saskatchewan is a property revaluation year, something that’s required by provincial legislation. For 2017, the Saskatchewan Assessment Management Agency (SAMA) updated all property values to show the estimated value as of January 1, 2015. To arrive at these new values, SAMA conducts market research and uses industry standard valuation approaches. As a Town, White City is obligated by law to use these new values to assess and tax properties.
Overall, our Town experienced a 17% increase in residential property values, slightly more than the provincial average of 15%. The Town’s total assessed value increased from $616.5M to $726.1M. The Town’s taxable assessment increased from $421.3M to $564.3M or 33%. The 33% increase in taxable assessment is mostly the result of a shift in provincial property tax policy that increased the taxable assessment on residential properties from 70% to 80%. This is a provincial percentage of value established and regulated by the Province that municipalities are mandated to use. As a comparison, the taxable assessment of agricultural land is 55% of the assessed value and for commercial properties, the taxable assessment is 100% of the assessed value. The taxable assessment of properties is used to calculate property taxes as follows:
Assessed value x provincial percentage of value = Taxable Assessment
(Taxable assessment x mill rate)/1,000 = Property Taxes
While the Town’s overall taxable assessment increased to reflect increasing property values, the Town will require approximately the same amount of total property taxes as in 2016 to provide programs and services. This means that as a result of revaluation and a general increase in the overall taxable assessment, the Town’s mill rate will decrease accordingly. (Woohoo!) To learn more about property taxes and programs and services provided by the Town, visit the Town’s 'Budget & Finances' page.
To find out more about Property Assessments visit SAMA at http://www.sama.sk.ca or call 306-924-8000.
FAQs about Property Assessments are shown below.
What is Property Assessment?
What is my property assessment based on?
What if I have questions about my property assessment?
How do I know my assessment value is accurate?
What if I do not agree with my assessment, what can I do?
Property Assessment is an estimate of the typical market value of your property developed for the purposes of determining your portion of the municipality's property tax. The values for those parcels deemed taxable generate property taxes. Further information may be obtained from:
SAMA - Saskatchewan Assessment Management Association http://www.sama.sk.ca/
2017 Annual assessment notices were mailed to all property owners on March 10.
2017 is a Provincial wide revaluation year.
The assessed value reflects the value of your property as of January 1, 2015, to ensure assessed values are as accurate as possible. By sending property assessment notices in advance of the property tax notices, owners have the opportunity to review their assessments and raise any concerns they may have about their assessed value before taxes are calculated.
An estimate of the cost, sales, and property income valuations of your property developed for the purposes of determining your portion of the municipality's property taxes. The values for those parcels deemed, taxable, generate property taxes.
The assessment and taxation process is governed by provincial legislation; your 2017 property assessment is based on January 1, 2015 market value estimate, as measured by property valuation approach.
Residential property is subject to the market valuation standard set out in provincial legislation. The market valuation standard requires appraisers to consider:
- Mass appraisal: the process of preparing assessments for a group of properties as of the base date using standard appraisal methods, employing common data and allowing for statistical testing.
- All rights that accrue to the real property (estate in fee simple).
- Typical market conditions for similar property.
- Quality assurance standards set by SAMA.
The market valuation standard provides flexibility in determining the assessed value of a property by allowing the use of any of the three accepted approaches to value employed in the industry: the sales comparison approach, the cost approach, and the property income (rental) approach. The sales comparison approach is used for areas and property types with active sales markets. If there are few comparable sales, the cost approach will be used. The income approach is not used for a residential property because rental income is not the main driver in determining residential property values.
For more information of Valuation Approach please refer to:http://www.sama.sk.ca/pdfs/Reval2017LookAheadBrochure.pdf
After receiving an Assessment Notice, a property owner may discuss and review their property assessment with a SAMA Assessor or with The Town of White City. Assessors are available by phone 306-924-8000 or by contacting the Town Office at 306-781-2355. The Assessment roll is available to view at the Town Office as well. In addition, individual assessments can be viewed by using the SAMA View Assessment website.
SAMA View http://www.sama.sk.ca/
Your property characteristics are measured against other properties that have sold, cost to build, and any property income generated in order to calculate a valuation value. Characteristics such as location, age, size, and others are all considered.
If, after having read your assessment notice carefully, and having compared your new assessment to its previous years' market value and to assessments of similar neighboring properties, you have questions or concerns about the information on your notice call 306-781-2355.
There is a 60-day period during revaluation years, and 30-days during regular assessment years following the mailing date of property assessments to allow property owners a chance to review any property characteristics or concerns. The assessment roll is available at the Town Office, during regular business hours.
Assessment Appeal for 2017 is now closed.
More information may be found: Market Value Assessment in Saskatchewan Handbook
If, after having discussed your assessment with the Town Office, and/or a SAMA Assessor, you are still of the opinion that your assessment is incorrect, you may file a written Notice of Appeal to the Board of Revision. (Reverse side of your Assessment Notice) Your notice of appeal must be returned to the Town Office with the Board of Revision fee attached, prior to the closing of the review period.
Board of Revision fee: $50.00
2017 - Review Date is now Closed.
Every municipality is required to establish a Board of Revision to hear appeals. Every property owner has a right to appeal his or her property assessment. SAMA is required to attend Board of Revision hearings to explain how the property value was determined. The board, upon hearing the appeal, will correct the assessment if an error has been made.