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The Facts on Property Tax
The following chart is based on the current tax policy utilized by the City of Regina which compares a residential property and a commercial property with the same fair value of $250,000. Please note that the commercial property pays $7,612.74 more than a residential property or more than double the amount.
| Property Type | Fair Value | Assessment | Mill Rate | Factor | Tax |
| | Residential | $250,000 | $175,000 | 40.7582
| 0.85494 | $6,098.02
| | Commercial | $250,000 | $250,000 | 40.7582
| 1.34557 | $13,710.75
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| | Variance | $7,612.74
| | Percentage Premium | 225%
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*Based on the combined mill rate of 40.7582 which includes the City, School Boards and Library levies.
**Note, if Regina had the same policy as Saskatoon of getting to a 175% premium the commercial property would pay $10,671.53 a difference of $3,039.22. |
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| CEO Report on the 2009 Reassessment
The mere mention of different property tax methodologies or property tax policies can cause a glazing over for most. Another common reaction will be the comment, “I’d rather watch paint dry.” However, virtually every property owner in the province would support the notion that Saskatchewan property tax payers are overtaxed and with good reason. The evidence from almost every report looking at the issue is clear: the education portion of property tax is out of line with every other Canadian jurisdiction and needs to be addressed in a comprehensive way. While the overall level of property tax is an issue that the Regina Chamber continues to work on, big changes are in store for commercial property tax payers in the 2009 Reassessment due to the implementation of a new methodology for determining value: the income approach. |
| Read More... |
| Saskatchewan Must Avoid Repeating History
By Don Drummond, Senior Vice President and Chief Economist, TD Bank Financial Group
Those who cannot remember the past are condemned to repeat it. No warning is more apt for Saskatchewan as its economy soars, and the good times roll.
We have been here before. Three times during the past century sharp upswings in agriculture and other commodity prices raised expectations of long-lasting growth. These high hopes were dashed when booms turned to busts.
Yet each time, poor decisions were made based on the premise that rapid growth would continue indefinitely. Ultimately, individuals were left paying the price for their earlier decisions when the economy later fizzled.
Is Saskatchewan poised to repeat history? |
| Read More... |
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Action Regina
Maximizing Regina's Growth Potential
Action Regina Discussion Paper
Roundtable Summary Report
Economic Profile
Membership Survey
Sector Analysis
Recommendations
On the Verge, or On the Brink.
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