Whether you are a future homeowner or a current homeowner, property taxes will affect you at some point. Homeowners in Regina have been subject to increasing property taxes for many years; in 2018 alone property taxes increased by 4.5%. Property tax is paid on all Regina real estate but the tax amounts vary due to location, assessment value, and other factors. But is there a chance your property taxes are too high? Or could you qualify for a property tax abatement?
Here are FIVE things you should know about property taxes when it comes to Regina real estate!
1. The More Expensive The Property, The Higher The Property Taxes
For example, 5221 Devine Drive is a luxury property in Lakeridge Addition. The property taxes on this property are $6,349 per year. Another property, 622 Aberdeen Crescent located in Rosemont that’s listed at $269,900 has property taxes of $2,637 per year.
So, the more expensive a property you own the higher your property taxes will be. This is because property taxes are based on the City of Regina’s assessment.
2. You Can FIGHT The City of Regina’s Assessment
The property assessment should always be lower than the market value of the home and NEVER above. There is no standard difference between market value and assessed value. If the city has assessed your home for more than it will sell for on the local market, the assessment is too high. You can request a reassessment and the city will reassess your property taxes for the year.
3. Ongoing Improvements To The Value Of Your Home Will INCREASE Your Property Taxes
Finishing a basement or adding a deck will increase the value of your home and inevitably increase property taxes. This is one reason why pulling permits for additions, basement renovations, and decks are important to the City of Regina. They need the permits #1 to ensure the improvement is being done to code, but #2 to make sure they keep track of properties that need to be reassessed after improvements.
4. You Could Be Eligible For A Tax Abatement If You Build On An Infill Lot
The city of Regina encourages older neighborhoods to be improved over time and part of how they do this is by approving a certain amount of infill properties per year. If you're building an infill, you should check to see if you can qualify for a 5-year tax exemption. You can apply for the exemption after you have the building permit and prior to the occupancy permit being issued.
For more information on this, follow the link below:
5. Other Tax Incentive Programs Are Offered
There are plenty of condos for sale in Regina but some of them offer the 5 year tax abatement program. Porchlight Developments offers this program, but you must qualify with them.
For more info:
It’s argued that Saskatchewan is one of the cheaper places to live in Canada but according to this article written by The Huffington Post, Saskatoon & Regina real estate see the highest property taxes in Canada. Many factors are considered when assessing property taxes and you can’t simply depend on rates, but when you're looking at owning a property from a taxpayers perspective, its darn expensive here!
Contact Me
If you have questions about how property taxes affect Regina real estate or how they affect your home, give me a call at 306-552-7047 or fill out my online contact form!
Kelsey Smith Is Regina’s Choice
Choosing the right Realtor® is key to ensure a positive and successful real estate transaction. Kelsey Smith promises to deliver the education and time necessary to buy or sell your Regina home. Call 1-306-552-7047 and rest easy knowing you have made the right choice.