Riversdale neighbourhood sees biggest change in residential property reassessment
Largest overall increase found in retail commercial properties in Saskatoon
Retail commercial property owners and Riversdale residents of Saskatoon will see the greatest changes in their property assessment values this year.
People should begin receiving notices this week.
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Retail commercial properties saw the biggest increase in value, rising by 57 per cent overall in this assessment. The same sector saw the smallest overall average increase when the last reassessment was carried out four years ago.
The Riversdale neighbourhood saw the biggest increase in single-family property value, rising by 26 per cent to an average value of $218,300.
City Park, King George, Mount Royal, Nutana and Varsity View also saw increases of more than 20 per cent.
The latest numbers show the median value of a single-family home, excluding condos, increased by $39,000 to $364,000.
The city said residential properties were assessed on factors such as location, traffic patterns in the area, views, property structure, size, age, style, garage and quality of construction.
Under provincial law, the city must reassess all properties every four years to reflect a more current value.
Effect on taxes
The City of Saskatoon stressed in a press release that reassessment notices are not bills. New property taxes for this year will not be determined until mill rates are set and tax bills are sent out in May.
Assuming the city needs the same amount of tax revenue as it did last year, the city said most single-family residential property taxes would not change — positively or negatively — by more than 10 per cent.
The city said increases or decreases to residential property taxes because of reassessment would be phased in over two years. Recommendations for the phase-in of commercial and multi-family property tax changes will be made in February.
Property owners will have 60 days to appeal their assessment. The deadline is March 10.