Minimal property tax changes expected for most Regina homeowners

The majority of Regina homeowners likely won't experience much of a change in their property taxes this year andmany will actually be on the hook for a smaller bill.

Most properties in the city will experience a change of less than 10 per cent to their municipal taxes because of this year's property tax reassessment. Andif you were to consider the city's current tax policies and budget, 70 per cent of homes would see a decrease in their bill.

Onaverage,those who see a decrease will pay about $85 less per property. For those who pay more, the average increase will be about $75perproperty,said city assessor DonBarr.

• Property values in Regina to be re-evaluated, affecting tax rates

An increase in your property's assessed value doesn't automatically mean you'll pay more property tax, Barrsaid.

That's because reassessments are based on whatBarrcalled "tax fairness": They don't change how much money the city brings in from tax; they shift how much money comes from which properties. In other words, your bill is based on how your propertycompares with others like yours.

Factors like location, renovations and the current real estate market are some of things considered when determining the market value.

Increase formulti-family properties

Barr said the major reason so many residential properties will experience a decrease is because of the increase formulti-family properties, which have increased in value faster than residential homes.

Multi-family properties, like apartment buildings, will see a taxincrease of about 27 per cent, according to the city, again based on the current tax policy and budget.

It's likely property owners hit by this increase will have to take on these costs themselves, rather than putting it onthe tenants, said Jason Hall, residential and commercial property owner in Regina.

"Three years ago that probably would have been passed on to the tenant. Unfortunately for landlords, the vacancy rate is fairly high, and if you're going to raise the tenants' rent, they're goingto go find someplace else that's going to be cheaper," Hall said.

"Really, 27 per centthat's very drastic," he said."I think if they said people'sproperty taxes on residential houses would go up 27 per cent you'd probably have a massive uproar at city hall."

The increase for these properties isbased on what theycharge for rent and vacancy rates,Barr said.

City council to vote on mill rate in February

How much you actually have to pay will be determined through the municipal budgetprocess in February, when the city determines just how much money it needs to bring in through tax revenue. That will then influencethe mill rates and tax policies.

Reassessment notices will be mailed out on Thursday. Tax notices are sent out in May.

There is a 60-day window for ownersto appeal their assessment.

About five per cent of commercial properties about one per cent of residential properties appeal their assessments, according to Barr.

Property owners can head online to view their home's recent assessment history and tax estimates at Regina.ca/Assessment.

Municipal properties throughout the province are required to be reassessed every four years based on provincial legislation.