City of Regina reassessing property taxes next year
The City of Regina will be reassessing property taxes in 2013.
"The assessments are reflecting the market," said City assessor Don Barr.
It is not simple, he said.
The last reassessment happened in 2009 but it only brought the property values up to 2006 levels.
The latest adjustment will increase them to 2011 levels. This means the housing boom and its after-affects are being accounted for.
The numbers show residential properties of all kinds are worth almost twice as much as in 2006. That does not mean property taxes will raise that much.
The reason is that the assessment has nothing to do with property taxes -- in a way.
The City sets its annual budget based on what it thinks it needs. The property tax mill rate is adjusted to bring in that much money.
The City is not changing how much money it needs so the dollar figure will stay the same.
Barr explained that it depends on where property falls in the price spectrum when considering who will pay for the portion that will change.
"The lower and moderate priced houses have increased as a percentage of value faster than the higher valued houses. There will be a slight shift to the lower and moderate priced houses," he said.
Edited by CKOM's Kelly Malone.