One of many benefits to setting up shop in SK
Altus Group has recently released its 2022 “Canadian Property Tax Rate Benchmark Report,” which provides some interesting stats.
Although Saskatoon and Regina both raised commercial tax rates, with Saskatoon increasing by 3.3% to $16.15 and Regina by 2.74% to $17.14, Saskatchewan’s costs are far below the national average.
Tax rates in the chart below represent the taxes paid per $1,000 of assessment:
Saskatoon and Regina are 50 percent and 41 percent below the national average.
Vancouver boasts the lowest ratio in the country. As you might guess, their assessed values are considerably higher than our prairie cities.
However, many other larger centers have those higher assessed values and still calculate rates much higher than ours.
How do commercial and residential average rates compare
I noted above that the average 2022 estimated commercial property tax per $1,000 assessment is $24.23.
Looking at those same eleven Canadian cities, that equivalent average number for residential is $9.11.
Regina and Saskatoon are above the residential average at $10.02 and $11.38, respectively. Once again, Vancouver is at the bottom at $2.69.
We are fortunate to reside in a jurisdiction that maintains the country’s lowest commercial property taxes. It’s just one more of the many reasons for establishing a business in this province.
For commercial property owners, it’s always beneficial to monitor and note any significant change in your tax assessment.
If it appears as if the assessment you’ve been handed is unfair, don’t hesitate to engage a property tax professional.
They will be able to advise you if the time spent on an appeal is worthwhile.
Value misjudgments happen, and the savings you realize if an appeal is successful could be substantial.