Provincial legislation requires that the assessed value of all properties within Saskatchewan be updated every four years. This is because property values change over time due to changing market conditions.
2021 is a revaluation year and property assessments will be updated to reflect property values as of January 1, 2019.
What Does this Mean for My Property?
It means that the assessed value of your property might change. Based on market conditions as of January 1, 2019, the majority of Regina properties will experience a decrease in their assessed property values and the City’s total value of assessed properties will also decrease.
The City of Regina will update its mill rate to reflect the updated property values, this mill rate will be used in the calculation to determine property taxes.
A decrease in property value does not mean a decrease in property taxes. Individual property taxes may increase or decrease if that property’s assessment changes more than the rest of the city on average.
- Valuation models updated – Spring/Summer 2020
- Estimate letters – August 2020
- Notice of Assessment – January 2021
- Period to appeal assessment – 60 days
- Council determines Tax Policy – Early 2021
- 2021 Property Tax Notices – May 2021
If you have questions about your assessment and revaluation, check out the FAQ page on the City of Regina website here.