Assessment Review Key to Ensuring Accurate Property Tax

It's been a year of unprecedented challenges and experiences for businesses across Canada in 2020. Forced closures, wage subsidy programs, Canada Emergency Commercial Rent Assistance (CECRA) applications, and new social distancing measures have led to many adjustments and uncertainty for property owners. The need to lower operating costs is more important than ever. 

One step within your control is ensuring you pay only the appropriate amount of property tax each year. Saskatchewan operates on a four-year assessment cycle with 2021 being the first year of the new cycle. Since the value assessment in 2021 will impact taxes for the next three years it is critical this assessment value be correct to ensure you are paying the appropriate amount of property taxes. 

Many property owners receive their property tax assessment and accept it without having it reviewed. However, you do have the option of reviewing the assessment – and should, if you believe the assessment is incorrect.

How it Works

Saskatchewan municipalities will begin sending out their assessment notices starting in November (Regina) and January (Saskatoon and Prince Albert). Once the assessment notices have been sent out, property owners and their advisors have 60 days to review the notice, discuss the value with assessors, and decide if an appeal is merited. 

Once requirements have been met, your property tax advisor can help review the assessment and ensure your property has been valued correctly. In the event the assessment seems to be inaccurate, the consultant will work with the city's assessment department to resolve any issues, providing them with market evidence and property-specific information. If a satisfactory resolution can not be achieved, your property tax advisor will file an appeal on your behalf.

Benefits

Having your assessment value reviewed will provide the certainty your assessment is correct or provide an avenue to address any issues identified. 

Your assessment this year is going to impact the property taxes paid for the next four years so it is better to make sure it is correct at the start of the process.

What You Need

To represent your properties, the property tax consultant will require the following information:

• 2021 property assessment notice
• Authorization to act on your behalf. This will allow your property tax advisor to receive information regarding the valuation for your property and discuss any concerns with the municipal assessment department.

At the conclusion of the pre-roll consultation period, your advisor will provide you a summary of results and any recommendations of further appeal.

The Bottom Line

Don't just accept your property assessment, especially if you feel like it's too high. A property tax review can identify assessment issues early, so you don't have to pay more tax than necessary, plus gives you accurate information to plan for the future.

Contact Wesley Van Bruggen, Property Tax Services, at 306.751.8039 or [email protected]