Released on December 4, 2024
Today, Government Relations Minister Eric Schmalz announced the percentages of value to be applied to properties starting in 2025, as part of the revaluation cycle across the province.
The percentages of value for all property classes for the 2025 to 2028 property tax years will remain unchanged from the previous revaluation. The percentages of value are as follows:
- Non-arable (range or pasture) land at 45 per cent;
- Other (cultivated) agricultural land at 55 per cent;
- Residential, multi-unit residential and seasonal residential at 80 per cent; and
- Commercial, industrial, elevator, railway, resource and pipeline at 85 per cent.
"Keeping percentages of value at their current levels demonstrates our government's commitment to maintaining a competitive tax environment, including education and municipal property taxes," Schmalz said. "By maintaining consistency, we will continue to focus on affordability and foster economic growth across the province."
Provincial legislation requires all Saskatchewan properties to be revalued every four years. Along with this update, the provincial government reviews the percentages of value for different types of property.
Percentages of value are used to establish taxable assessments of properties from the values determined by assessment appraisers. The assessed value multiplied by the percentage of value is a property's taxable assessment. The taxable assessment is then multiplied by a mill rate (established by municipalities for the municipal portion and the provincial government for the education portion) to determine the amount of property taxes. Municipalities have other tools to provide additional property tax relief if they choose.
Education property tax mill rates are determined as part of the annual provincial government budget process.
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