The following formula is applicable for the calculation of the total taxes levied against a property:
- Market Value** = Land Value + Building Value as at January 1, 2011 (see Revaluation Section below)
- Taxable Assessment = Market Value * Provincial Percentage of Value
- Tax Levy = Taxable Assessment * Uniform Mill Rate * Mill Rate Factor
- Total Taxes Payable = Tax Levy + Local Improvement Levy
The city receives approximately 53% of its total operating revenues from property taxes. Provincial Legislation provides that the basis for the collection of property taxes shall be the assessed value of the property (land and buildings). Legislation provides that all properties shall be fairly assessed and gives property owners the opportunity to have their property assessment reviewed through an appeal process.
Once a year, all property fair values may be reviewed by any resident of the City for the purposes of comparing fair values to determine if they are equitable. Property assessments are also revised if any changes occur to the property. For example, demolitions or new construction will have an impact on the building value. Similarly, purchasing additional land for consolidation will increase your land assessment.
Provincial legislation requires municipalities to revalue properties every four years to update assessments. This does not involve on-site inspections, but rather is done using formulae and existing property data. All of Saskatchewan will calculate assessments in the same manner - following Provincial Legislation and rules contained in the Saskatchewan Assessment Manual, written by the Saskatchewan Assessment Management Agency.