Updates are being made to the percentage of value being applied to certain properties in Saskatchewan for the upcoming revaluation.
For 2021, the percentage of value for commercial, industrial, elevator, railway, resource and pipelines will be 85 per cent.
It was set at 100 per cent in 2017 for the previous revaluation.
“This change improves tax fairness by narrowing the range of percentages of value that apply to property assessments,” said Government Relations Minister Don McMorris.
“The adjustment also recognizes the COVID-19 challenges faced by businesses and industries so they remain competitive to help create jobs for Saskatchewan families.”
Percentages from 2017 remain unchanged for other properties:
- Non-arable (range or pasture): 45 per cent.
- Other (cultivated) agricultural land: 55 per cent.
- Residential, multi-unit residential and seasonal residential: 80 per cent.
Under provincial legislation, all property must be revalued every four years. For 2021, the base date for assessment is Jan. 1, 2019.
Government officials said this ensures assessed values are more current with changing property values.
The assessed value of the property is multiplied by the percentage of value to set its taxable assessment.
That figure is multiplied by the mill rate set by municipalities to determine the amount of property tax owed.
It is also used by the province to set the education tax.