Property tax values in Regina are set to change next year, and following the reassessment some people can expect to pay less.
This type of reassessment happens across the province every four years. Now property tax rates will be based on values from 2015 instead of 2011.
The value of all types of property increased during this time frame, but the reassessment looks at how the value increased in proportion with similar properties.
Overall the rates for single family dwellings aren’t expected to see much change. Ninety-two per cent of these properties will only see a change of 10 per cent.
More property owners will be seeing a decrease. According to the City of Regina over 40,000 properties had their assessment decrease, and more than 22,000 saw an increase.
Regina Tax Reassessment by Shawn Knox on Scribd
A majority of condominium owners are can also expect an assessment decrease. Nearly all the changes are within the 20 per cent range. Of Regina’s roughly 13,000 condos 9,636 saw modest assessment drops.
Reassessment notices will be mailed out to property owners during the week of August 29.
“August 29th we’re going to send out letters that have the new assessment value, the old assessment value, what the current taxes are on the property and what the estimated share of municipal taxes are. It’ll give people a sense of whether their taxes are going up or down,” director of assessment, tax, and real estate Don Barr said.
How much property residential property owners will pay in tax will be determined in early 2017 as the city drafts the 2017/18 budget.
There are four options council can choose for a tax policy; a phase-in of new taxes, distributing changes through different tax groups based on the mill rate, a base tax, and a minimum tax.