The overall value of property in Saskatchewan has increased by 67 per cent over the past four years as Saskatchewan’s population and economy continue to grow.
Overall, the assessment of property in Saskatchewan has grown from $58 billion in 2009 to $97 billion in the 2013 revaluation year.
“This huge increase shows the strength of Saskatchewan’s economy,” Government Relations Minister Jim Reiter said. “If you own property in Saskatchewan, chances are it is worth a lot more than it was just four years ago and you will see that reflected in your property assessment notice.”
Properties are revalued every four years in Saskatchewan. Saskatchewan’s property tax system levies taxes based on taxable property assessment. Both municipalities and the provincial government set property tax rates, with the education portion being used to pay for K-12 education.
In 2009, the provincial government delivered the largest education property tax cut in Saskatchewan history, reducing education property taxes by more than 80 per cent on farmland and nearly 30 per cent on residential properties.
Reiter said that since the education property tax is levied on the assessment of property, the province will need to take a close look at the potential impact of the dramatic increase in property assessments on taxpayers.
“It is up to our government, along with strong leadership from municipal governments, to take a thoughtful approach in order to mitigate property tax increases as a result of revaluation,” Reiter said. “We will be doing that as part of the current budget process.”