What is the relation between the assessment process and taxation?
Assessment is the fair value determined by SAMA to calculate property taxes. SAMA is an independent agency with the responsibility to the City of Weyburn with property assessment policies, standards and procedures.
The City of Weyburn and the two school divisions (Public and Separate) then use that assessment valuation to calculate local taxes.
The following is the process that will show the relation between assessment and taxation:
- SAMA determines a “fair value” assessment for properties
- A provincial government “tax policy” is applied. The policy multiplies a percentage formula against the fair value, producing what is called “assessed value”. In 2017, the following “Tax policy” percentages were in place:
• residential assessment class – 80% of fair value
• condominium assessment class – 80% of fair value
• multi-family residential/apartments – 80% of fair value
• commercial & industrial assessment classes – 100% of fair value
• non-arable assessment classes – 45% of fair value
- Each municipality and School Division sets its own “mill rate” for taxes, and multiplies that mill rate against the “taxable value” of each property. The result is the “property tax” that the property owner pays.