All Saskatchewan properties are assessed at fair value and not market value. The calculations used to determine fair value are based on the formulas, rules, and regulations set out by Provincial legislation and in the Saskatchewan Assessment Manual. Fair value assessments are determined using the cost approach to value, with the cost adjusted by a market factor. Assessors evaluate properties based on a number of variables to determine the fair value assessment. These variables include:
- lot size
- building size
- construction quality
In Saskatchewan, property values are updated every four years. The current revaluation in Saskatchewan was completed in 2013, using 2011 as the base date.
- Factors that determine your fair value assessment
- How your taxable assessment is calculated
- Assessment Roll/Notice
- Questions about your assessment
- Property inspections by Assessors
Factors that determine your fair value assessment:
- Land Values. Assessors calculate the fair value of your land to reflect the 2011 median selling price for land in your neighborhood using the procedures established in the Saskatchewan Assessment Manual.
- Building Values. Assessors calculate the fair value of your building by determining its 2011 replacement cost less depreciation, contained in the Saskatchewan Assessment Manual. Depreciation is the loss in value due to normal wear and tear, decay, and structural defects caused over time. The building’s depreciated replacement cost is then adjusted by a market factor (MAF) to bring the building’s final value closer to the average 2011 selling price in your neighborhood.
- Any building improvements that increase the replacement cost (eg. building an addition to your home) maybe increase your assessed value.
How your taxable assessment is calculated: A provincial percentage is applied to your property’s fair value assessment to arrive at your taxable assessment. Your taxable assessment is the value used to calculate your property taxes.
Single Family Residence/Condominiums
Fair Value Assessment X Provincial Percentage (70%) = Taxable Assessment
EXAMPLE: $100,000 X 70% = $70,000
Fair Value Assessment X Provincial Percentage (100%) = Taxable Assessment
EXAMPLE: $100,000 X 100% = $100,000
Assessment Roll/Notice: Each year, as required by legislation, the Town opens its Assessment Roll for inspection. The Roll is a listing of the assessed values of all properties in Gull Lake and contains:
- Property owner’s name and mailing address
- Property address
- Fair and taxable assessed values of the land
- Fair and taxable assessed values of the building improvement(s)
- School support
- Provincial Classification
- Applicable exemption codes (if any)
- Total fair and taxable assessed value
Questions about your assessment: If you have questions or concerns about the information contained in your assessment, please contact the Town at (306) 672-3361. Our staff will be please to explain how your property’s fair value was determined. If after speaking to staff you still feel your assessment is in error, you can submit an appeal to the Board of Revision during the period the roll is open. The Board must receive your appeal within 30 days after the Assessment Roll was opened or within 30 days of the mailing date on you Notice of Assessment.
Property inspections by assessors: Following a regular inspection program, Assessors visit each property in certain areas to update the Town’s records relating to the property’s physical characteristics and building(s). An Assessor may visit and assess a property when:
- a building permit has been issued for the property, which may require an inspection
- a property owner requests that an Assessor inspects their property
- a property’s assessment is being appealed. The Assessor may inspect the property to review issues raised in the appeal
During the inspection, assessors may investigate both the interior and exterior of a home. If assessors cannot inspect the home’s interior, they may leave a calling card asking the homeowner to contact the Assessment Division or make inferences based on information obtained from viewing properties from the outside.
Assessment Notices: Each year, usually in May, the Town opens the Assessment Roll and sends a Notice of Assessment to property owners whose assessed value is new or altered. If you have questions about your notice, contact the Town office at (306) 672-3361. Our staff will be happy to explain how your assessment was calculated.