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Altus Group 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 per cent to $16.15 and Regina by 2.74 per cent to $17.14, Saskatchewan’s costs are far below the national average.
Tax rates in the accompanying chart represent the taxes paid per $1,000 of assessment, according to Altus. Saskatoon ($16.15) and Regina ($17.14) are 50 per cent and 41 per cent below the national average, respectively.
Vancouver boasts the lowest ratio in the country ($9.31). As you might guess, the city's assessed values are considerably higher than our Prairie cities.
However, many other larger centres have those higher assessed values and still calculate rates much higher than ours.
Other Canadian cities come it at (per thousand dollars of assessed value, with mill rates included where applicable): Calgary $21.93; Edmonton $25.18; Winnipeg $23; Toronto $21.22; Ottawa $27.41; Montreal $34.66, Quebec City $35.28 and Halifax $35.30.
How do commercial and residential average rates compare?
I noted above the average 2022 estimated commercial property tax per $1,000 assessment is $24.23.
Looking at those same 11 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 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.
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