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Altus Group has just published their annual analysis of property tax rates and commercial-to-residential property tax ratios across Canada. The report called the Canadian Property Tax Rate Benchmark Report 2023 takes a deep dive into the taxation rates of commercial properties in major municipalities and across most provinces. This gives a look at how the commercial property tax rates in Saskatchewan fare versus other major markets in Canada.

Highlights of their report featuring Saskatchewan include:

2023 commercial tax rates per $1,000 of assessment value
  • National Average – $24.25 per $1,000 value
  • Regina – $17.54 per $1,000 value
  • Saskatoon – $16.61 per $1,000 value
Report Section: Tax Rates for 2023
Since 2017, these two cities [Regina & Saskatoon] have had the most equitable commercial-to-residential ratios in our study.
Report Section: Commercial-to-residential ratios – the past 20 years
Commerical-to-residential tax ratios - the past 20 years

Image source: Altus Group

Saskatchewan is in the 3rd year of its 4-year assessment cycle. For the 2021-2024 taxation years, the base date of valuations is January 1, 2019. The next revaluation is scheduled for 2025 and will be based on values as of January 1, 2023.

For the 2023 taxation year, Saskatoon increased both its
commercial and residential tax rates by 2.89%, resulting in a
commercial tax rate of $16.61 per $1,000 of market value, and
a residential tax rate of $10.32 per $1,000. The commercial-
to-residential ratio remained unchanged, at 1.61. Regina’s
residential tax rate increase was slightly higher, up 2.43%
for a tax rate of $11.66 per $1,000, while the commercial rate
increased 2.36% for a rate of $17.54 per $1,000.

Significant future property tax increases are expected in
Saskatoon, which recently announced a $75M revenue gap.
As of August 15, 2023, the city was projecting a property tax
increase of 8.54% for 2024 followed by a 6.04% increase in
2025, but city council is still trying to find cost savings.

Report Section: Regional property tax updates 2023
2023 commercial-to-residential tax ratios of major urban centres across Canada

Image source: Altus Group

The entire report is available to download to see Altus Group’s complete anaylsis of the factors impacting the commercial real estate sector by clicking here.

Key commercial taxation topics covered in this report:

  • 2023 commercial-to-residential tax ratios and changes
  • 2003 to 2023 commercial-to-residential ratio analysis
  • Tax rates for 2023
  • 2023 regional property tax updates
  • Spotlight: Ontario’s failure to launch reassessment

If you have questions or concerns about needing to buy a property right now or about real estate you own… Feel free to reach out to us. We are here to give you service and advice. Initial consultations are always free.

Post Author: flatlands_admin