Changes to Revaluation Cycles for Cities
Whereas Section 12.1 of the Assessment Management Agency Act states that the minister must approve an order to establish a base date for determining the value of land and improvements for the purpose of establishing assessment rolls for the year in which the valuation or revaluation is to be effective and for each subsequent year preceding the year in which the next revaluation is to be effective; and,
Whereas Clause 2(o.1) of the Assessment Management Agency Act states that revaluation means the valuation of a property on which a valuation has already been performed, to reflect a new base date for valuation established by the agency; and,
Whereas Section 3 of the Assessment Management Agency Regulations states that one year is the minimum period and three years is the maximum period between the base date and the first year in which the valuation or revaluation is to be effective; and,
Whereas the current Board Order for the 2021 Revaluation Base Date determines assessed values of properties for the years 2021 to 2024 and during this period of time, significant market value evidence shifts may occur directly affecting the property owners; and,
Whereas the market evidence used for the 2021 Revaluation Base Date did cause significant valuation shifting for the larger cities resulting in substantial increases and/or decreases in property assessments; and,
Whereas applying a shorter base date timeline for the larger cities would eliminate the potential of significant shifting in property valuations and allow assessment information to be updated more frequently which would reflect more accurate property values.
Therefore be it resolved that SUMA advocate the Government of Saskatchewan to change the Saskatchewan Assessment Management Agency Board Orders that are approved by the Ministry of Government Relations to reflect the period of time for a revaluation to change from a four (4) year period to a two (2) year period for the sixteen (16) Saskatchewan cities only.
ACTS AFFECTED: The Assessment Management Agency Act & Regulations
REGION/SECTOR AFFECTED: Cities