SAMA conducts revaluations based on a four-year cycle. 2017 was the year of the last revaluation, and the 2021 Revaluation will see
assessed values updated to reflect a new base date of January 1, 2019. The legislated base date means that 2021 values reflect a
property’s value as of January 1, 2019.
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What is New for the 2021 Revaluation
For the 2021 Revaluation, all property types will have their values updated in relation to the January 1, 2019 base date, regardless of being subject to a
market valuation standard or a regulated property valuation standard.
Based on provincial averages for properties in SAMA’s jurisdictions, the assessed values for arable and non-arable agricultural properties will, on average, be increasing approximately 1.25 and 1.21 times respectively over their assessed values from the 2017 Revaluation. This reflects the change in agricultural land selling prices between January 1, 2015 (the base date for the 2017 revaluation) and January 1, 2019 (the base date for the 2021 revaluation).
For 2021, the provincial average for assessments of residential properties are set to decrease approximately 7%. Commercial properties are set to increase approximately 15%. Rental apartment property assessments are set to decrease approximately 3% over their 2017 values.
The 2021 Revaluation is showing relative assessment stability compared to previous revaluations. There is a modest increase on an overall basis, with total
provincial assessments only increasing by 1.05 times.
It is important to note that this is the anticipated increase to the provincial average for properties in SAMA’s jurisdictions. Specific local increases in property values between 2017 and 2021 may vary from these figures depending on the overall trend in market values between 2015 and 2019 (the base date years).
What is the Same for the 2021 Revaluation
The 2021 Revaluation will continue to use the market valuation standard for the assessment of residential and commercial properties. The regulated property assessment valuation standard will continue to be used for the assessment of agricultural land, heavy industrial property, railway roadway, pipelines and resource production equipment (mines and oil and gas wells).
The 2021 Revaluation will maintain the stability of Saskatchewan’s assessment system from a governance perspective by not introducing any major changes to assessment policy.