Welcome back for the second edition of the White City Councillor Blog. This month will focus on Property Assessment.
Your property assessment is an estimate of the value of your property produced on an annual basis and based on the valuation date set by the provincial legislation. Most residents will only get an assessment notice if they’ve made changes to their property or every four years, as part of the provincial revaluation process. During revaluation, the Saskatchewan Assessment Management Agency, or SAMA, updates the assessment of all properties in the province to a common assessment date.
As 2021 is a revaluation year, you will be receiving an assessment notice, with a tax estimate, in April 2021. Make sure to carefully review the information provided by SAMA as you have 60 days to appeal the assessment. You can appeal if you believe there has been an error in 1. The assessed value; 2. The classification of your property; 3. The contents of the assessment roll; and 4. The assessment notice.
Your property assessment is just one piece of the formula that makes up your municipal taxes:
The municipality and council’s role in your property taxes is setting the mill rate and base tax – these two items are considered when council adopts the annual budget. For the 2021 Annual Budget, SAMA provided us with an estimate of how the 2021 Revaluation will impact the overall taxable assessment of the town.
Market changes from 2015 to 2019 have resulted in a decrease of 7.13% to the town’s taxable assessment or reducing it from $602.0 million in 2020 to $559.0 million in 2021. However, the overall dollar amount the town needs to raise from taxes to provide services hasn’t decreased, which is why the mill rate was recalculated to a higher rate. A similar situation occurred after the 2017 Revaluation, where the town’s taxable assessment increased so the mill rate was recalculated to a lower rate.
The recalculation of the mill rate is based on the average decreased value of properties across White City, but each property is unique. What that means for each resident is that your municipal taxes may decrease, increase or stay roughly the same based on your individual assessment and the status of your property. For example, if your property value decreased more than 7% you may see a minor decrease to your taxes. If your property value decreased around the average 7% your taxes will roughly stay the same. If your property value increased due to additions or completion of your home, you may see a property tax increase.
For more information than what can fit in this blog, make sure to visit our 2021 Revaluation Page.
In March council is meeting with SaskWater to discuss the town’s water treatment process and water quality. Our Councillor Blog in May will focus on the town’s water treatment system, the water utility and how our rates are determined.
If you have any questions, have a comment, want more information or want to suggest a topic for a future blog please email or call 306-781-2355 – we look forward to hearing from you!
- Mayor Brian Fergusson