Starting next week, about 75,000 residential and condominium property owners in Saskatoon will begin to receive preliminary estimates regarding their property taxes for 2013 in the mail.
Provincial legislation requires that all properties be reassessed every four years so that property values are more current. Since 2009, Saskatoon property owners have been paying property tax each year based on the value of their property as of June 2006. Following the reassessment, property tax amounts will be based on the property value as of January 2011. The information provided to property owners in June will include their property assessment value for 2012 and 2013, and based on that, their estimated property tax change for 2013.
So far, the preliminary reassessment results show that since 2006, the total value of all taxable residential and condominium property has increased approximately 83%. This means that for the 2013 tax year, properties with an assessment increase greater than 83% will likely see their taxes increase, and those with an assessment increase less than 83% will likely experience a tax decrease.
While most Saskatoon property values have increased since 2006, the rates of increase were not consistent in all areas of the city. Overall, 66% of Saskatoon home owners and 61% of condominium owners will see minor changes as increases or decreases of up to 10%. The balance of residential properties can expect increase or decreases greater than 10%.
The City’s goal is to create and conduct property assessments that place fair, accurate and equitable values on properties. Increases or decreases to the amount of property tax due will be phased-in over the coming years and taxpayers are invited to contact the Assessment Office if they would like more information regarding the reassessment or the phase in period.
Once the City’s reassessment is complete, that estimate could change when final assessment notices are mailed out in early 2013. Residents are encouraged to contact the City if they have updated information on their property that could change their estimate.
The City’s Property Assessment Online Tool can tell you what your property is currently valued at and provides details about Saskatoon properties, and estimates on how assessment values could change if changes are made to the property. The tool also provides 2006 market area information so property owners can compare the assessment values by neighbourhood and city-wide.
Find out more.