Methods of Assessment
There are two valuation standards set out in provincial legislation:
- Market Valuation Standard; and
- Regulated Property Assessment Valuation Standard.
Residential and commercial properties fall under the Market Valuation Standard. Provincial legislation deems these properties to have a “non-regulated property assessment” that is achieved when the assessed value of property:
- is prepared using mass appraisal;
- is an estimate of the market value of the estate in fee simple in the property;
- reflects typical market conditions for similar properties; and
- meets quality assurance standards established by order of the agency.
Agricultural land, heavy industrial property, resource production equipment, railway roadway and pipelines fall under the Regulated Property Assessment Valuation Standard. Legislation deems these properties to have a “regulated property assessment”.
Regulated property assessments are determined with the application of SAMA’s regulated Saskatchewan Assessment Manual. The 2015 Base Year Manual is used for the assessment years 2017-20. The 2019 Base Year Manual will be used for the assessment years 2021-24.
When preparing an assessment for a property under either valuation standard, provincial legislation provides additional direction to the municipality’s assessor and the assessment appraiser. Key notable points include:
- The municipality is required to prepare a new assessment roll every year.
- The assessment base date needs to be considered.
- Land and improvements can be assessed together or separately.
- Property attributes (facts, conditions and circumstances) considered are as of January 1 of each year.
- The dominant and controlling factor in an assessment is equity.
SPECIAL NOTE: These descriptions are a short-form overview. The full process involves other factors, such as tax policy application, exemptions and special situations. The complete process for the valuation of regulated properties is provided for in the Saskatchewan Assessment Manual. For full information of valuation procedures for all property groups, contact SAMA directly.
Assessment methods by major property group: