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Taxes can impact the amount of taxes you, as a property owner, pay. During a reassessment, Council reviews its current tax policies and any other tax policy options available. Then Council decides which tax policies to adopt or may decide to continue with its current tax policy.
After the School Boards, Library Boards, the Organized Hamlets and the RM have determined their budgets in the spring, the RM uses the new mill rate (also known as a tax rate) and approved tax policies to calculate the amount of property taxes owing for your property.
Under the provincial legislation, Saskatchewan municipalities can adopt a base tax as one of their tax policies.
In a base tax system, a dollar amount per living unit would be added to the municipal portion each tax bill, regardless of a property's assessment. A base tax can only be applied to municipal taxes; it does not change the calculation for the school and library portion of the tax bill.
Under a base tax option, the municipal tax calculation would be:
Base Tax + [(Taxable Assessment × Municipal Mill Rate × Mill Rate Factor) ÷ 1000]
Implementing a base tax increases the property tax paid on lower-assessed properties and decreases the property tax paid on higher-assessed properties. A base tax does not increase or decrease the total taxes collected by the RM.
Mill Rate Factors
A mill rate factor, also known as a tax rate, is a tax policy tool used to redistribute the amount of total taxes paid by each property class and subclass.
Changes to a mill rate factor will not increase or decrease the total amount of taxes collected annually.
The RM Mill Rate Factors for 2015 are:
The tax per dollar of assessed value of property. The rate is expressed in "mills", where one mill is one-tenth of a cent ($0.001). Mill rates are set by each taxing authority to raise the revenue required by their budget.
The RM Mill Rate for 2015 is 9.6 mills
Under the provincial legislation, Saskatchewan municipalities can adopt a minimum tax as one of their tax policies. This allows municipalities to establish a minimum amount of tax with respect to any property.
Minimum tax can only be applied to municipal taxes.
Under a minimum tax system, the municipal property tax calculation would be:
Municipal Taxes = (Taxable Assessment × Municipal Mill Rate × Mill Rate Factor) /1,000
If the above calculation is lower than the minimum tax, the minimum tax amount would be applied to the property. If the calculation is higher than the minimum tax, the calculated amount would be applied to the property.
The RM Minimum Tax for 2015:
Agriculture: Base Tax $60.00 + $15.00 Hospital Levy = $75.00
Residential: Minimum: On improvements only $1000.00/Base Tax: $85.00 Hospital Levy
A provincial percentage is a factor set by the Province of Saskatchewan to adjust the amount of the assessed value assessment used as the basis for calculating property tax, as shown in the formula below.
Assesed Value Assessment X Provincial Percentage = Taxable Assessment
Property classes and provincial percentages
Below is a chart listing the property classes and provincial percentages applicable to the RM for 2014.
Multi-unit residential 70%
Commercial and industrial 100%
Railway and pipeline 100%
Sample calculations using the Provincial Percentage:
Single Family Residence Asssessed Value Assessment X Provincial Percentage (70%) = Taxable Assessment Example: 100,000 X 70% = 70,000
Sample calculation: Commercial Assessed Value Assessment X Provincial Percentage (100%) = Taxable Assessment Example: 100,000 X 100% = 100,000