The city says fluctuation of property values in a tax revaluation year doesn’t automatically mean corresponding changes in the amount of taxes paid on an individual property.
With 2025 being a tax revaluation year in Saskatchewan, some may wonder if it means they’ll have to reach deeper into their pockets while paying property taxes to local governments.
Here’s a rundown of how this year’s tax review may affect Regina homeowners:
What is revaluation?
A revaluation is simply a review to ensure taxes are being equitably distributed across the tax base, says the Saskatchewan Assessment Management Agency.
During a revaluation year, the province reviews overall property subclasses — based on use such as agricultural, residential or commercial — to determine taxable percentages, while municipalities do individual property assessments using a new base year.
Saskatchewan’s legislation requires that property classes be revalued every four years. The last revaluation took place in 2021.
The Government of Saskatchewan has completed its part of the process and concluded that the percentages of value for set property classes will stay unchanged from 2025 to 2028.
This means that pasture or range land will remain at 45 per cent and other cultivated agricultural land at 55 per cent. Residential properties are at 80 per cent and commercial or industrial properties at 85 per cent.
These rates determine how much of a property’s assessed value is to be taxed. For example, a residential property assessed at $100,000 with a provincial percentage rate of 80 per cent makes the taxable assessment amount $80,000.
Cities then apply the municipal mill rate, a library mill rate and the education mill rate to determine how much is owed on that taxable amount. Any additional levies may be added on top.
How are property assessments done?
Cities do property assessments annually to keep up to date on how tax is calculated.
The base date being used across Saskatchewan this revaluation cycle is Jan. 1, 2023. That means property assessments for 2025 will be based on the value of the property in the context of 2023 market conditions. Previous assessments used values according to the 2019 real estate market.
Residential assessments look at characteristics like a property’s size, location, age and structural condition. Upgrades or improvements to your home, like building a new deck, can raise your property’s value from year to year.
It also considers whether the property being assessed matches the average value of surrounding properties.
In Regina, official assessment notices will be delivered to residents in January and used to determine a property’s taxable amount for 2025.
Property owners can dispute the findings and request a reassessment, but they have just 60 days to submit an appeal to the city from the date the official notice is received.
How do I know if my property tax will change?
Fluctuation in property values due to revaluation doesn’t automatically mean corresponding changes in property tax for an individual property, notes the City of Regina.
How much tax a property owner pays is calculated based on property assessment and the mill rate set by the municipality, both of which are adjusted annually to match revenue need.
Regina’s approach to taxation is to be “revenue neutral,” meaning the city only collects enough tax revenue as is needed to cover operations for the year.
“Individual property taxes may increase or decrease if that property’s assessment changes more than the rest of the city on average,” says the city’s online tax assessment page.
Regina city council is set to consider the 2025 budget this spring, at which time the mill rate will be set — the final puzzle piece for the year’s taxable calculations.
Property tax bills are typically delivered in May.
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