Property values in Moose Jaw are going to increase in 2013.
“We’re on a market value assessment base now. So sales are a very important part of the calculation procedure,” said Todd Treslan, assistant managing director of assessment service at the Saskatchewan Assessment Management Agency (SAMA). “We’re using the properties that have sold to estimate a value for all the properties in the jurisdiction of that similar type of property.”
On average, he said, residential properties in Moose Jaw will increase by 86 per cent and commercial properties will increase by 41 per cent. He said those values are in line with the provincial residential value increases of 87 per cent.
Property owners will receive their assessment notices from the city shortly. The property values indicate the assessed value of the property and is the starting point in determining how much property tax owners will pay. City council will soon review tax policies to calculate the 2013 taxes.
“In the province as a whole, we’ve seen unprecedented growth since 2009 and, of course, what they’re doing — individual buyers and sellers — is creating market value every day when they buy property,” said Treslan. “Our job as assessment service providers is to report the value as of the base date. So we’re using the sales of properties to establish assessments as of the base date.”
According to provincial legislation property values must be updated every four years. Treslan said the last base date or the date on which property assessments are determined was June 30, 2006. The 2013 assessment notices will be based on a base date of Jan. 1, 2011.
For more information, see Wednesday's edition of the Times-Herald.
