December 31st – Property Taxes are Due in Full
January 1st – A 5% Penalty is Added to any Unpaid Portion of the Property Taxes
Calculating Property Tax
Property Taxes are determined by multiplying the Assessed Value of the Property, the dollar amount assigned to a piece of property by the Saskatchewan Assessment Management Agency (SAMA), by the Mill Rate and then again by the Mill Rate Factor. This formula is used for Residential, Commercial, Industrial & Agriculture Properties.
Municipal Taxes are based on a Fiscal Year from January 1 to December 31.
Property taxes are based on your property’s assessed value, which results in properties with similar values paying similar taxes. The assessed value of your property is determined by the SAMA.
In a reassessment year, the assessed value of properties usually increases. However, this does not mean property taxes will increase. Property taxes are based on the budgetary needs of the Town. When a reassessment occurs, the town modifies the factors used to determine the final tax rate in an effort to make the reassessment ‘revenue neutral’.
Percentages of Value (POV)
In 2017 the Province of Saskatchewan also announced changes to the percentages of value (POV) used in the assessment process. Prior to 2017, the taxable assessment on residential property was calculated at 70% of the total assessed value. This rate was changed to 80% in 2017. Non-arable (range) land or pasture land had the POV increased from 40% to 45%. Percentages of Value for all other property types, commercial, industrial and cultivated agricultural land, remain the same.
Property Tax Prepayments & Discounts
Prepayments towards your property taxes can be made based on the previous year’s property tax amount. Prepayments often receive a discount based on a percentage of the municipal portion.
Payments can be made in full, or at any amount since partial payments also receive any approved discount rates. The discount rates are subject to change year over year.
Property Tax Incentives
The Town of Kamsack has incentives available for residential construction and expansion as well as for persons or corporations who build or purchase a new or existing businesses. For detailed information, please contact Town Office at (306) 542-2155 or use our Contact Us page.