Assessment - Definition
All Saskatchewan properties are assessed at mass market value as defined in the municipal act, not individual property sales price value. The calculations used to determine mass market value are based on the formulas, rules, and regulations set out by Provincial legislation and in the Saskatchewan Assessment Manual and best practices.
Market value assessments are determined by reconciling all three approaches to value: Cost, Direct Comparison, and Income Approach (where applicable), to determine an aggregate value to all property. Assessors evaluate properties based on a number of variables to determine the value assessment. These variables include, but are not limited to:
- lot size
- building size
- construction quality
- age of the building
For more information, please go to the SAMA website.
Factors that determine your assessment
- Land Value - Assessors calculate the value of your land to reflect the June 30, 2006 median selling price for land in your neighbourhood.
- Building Value - Assessors calculate the value of your building by determining its 2006 replacement cost less depreciation, contained in the Marshall and Swift valuation service. Depreciation is the loss in value due to normal wear and tear, decay, and structural defects caused over time. The building's depreciated replacement cost is then adjusted by a market factor (MAF) to bring the building's final value closer to the average June 30, 2006 selling price in your neighbourhood.
- These two values are reconciled and shown as your Property Value . This is the value is stated on your assessment and/or tax notice.
- Base Year values are changed on a 4 year cycle.
- The next reassessment year will be 2017 with a base date of January 1, 2015.
Note: The assessed value of your property should be relative to the market value as of the base date.
How your taxable assessment is calculated
A provincial percentage is applied to your property's value assessment to arrive at your taxable assessment. Your taxable assessment is the value used to calculate your property taxes. An example of a residential assessment is below:
Single Family Residence/Condominiums
Assessment X Provincial = Taxable Assessment
Value X Percentage (80%)
$100,000 X 80% = $80,000
The complete list of percentage of values for all property types can be found in The Cities Regulations (S13).
Each year, as required by legislation, the City opens its Assessment Roll for inspection. The Roll is a listing of the assessed values of all properties in Swift Current and contains:
- Property owner's name and mailing address
- Property address
- Whether the property is vacant or improved (buildings on the land)
- Market and taxable assessed values
- School support
- Provincial Assessment Classification
Questions about your Assessment
For incorrect mailing information, property information, or school support, or if you have questions or concerns about the information contained in your assessment, please contact the City of Swift Current Assessment Office at 778-2722. Our staff will be pleased to explain how your property's value was determined .
If after speaking to staff you still feel your assessment is in error, you can submit an appeal to the Board of Revision during the period the roll is open. Please visit our Appeals section for more information.
Property inspections by Assessors
The assessment staff visit each property in Swift Current to update the City's records relating to the property's physical characteristics and building(s). An Assessor may visit and assess a property when:
- a building permit has been issued for the property, which may require an inspection
- a property owner requests that an Assessor inspects their property
- the assessor finds a noticeable change in the property that can affect the property's value
- a property's assessment is being appealed. The Assessor may inspect the property to review issues raised in the appeal
- as part of a regular maintenance program
During the inspection, assessors may investigate both the interior and exterior of a home. If assessors cannot inspect the home's interior, they may leave a calling card asking the homeowner to contact the Assessment Division. The assessor may estimate quality of the interior of the property if they are unable to arrange an interior inspection.
NOTE: All City of Swift Current Assessors carry identification with them showing that they work for the City. The identification will be shown to homeowners upon request.