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

The value of homes and commercial properties is going to be assessed in Regina and across the province, affecting how much owners pay in taxes.

The building's location, upgrades and current real estate markets are all taken into consideration when deciding the market value. That amount is then used by the city to calculate property taxes.

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• Tax assessment notices heading to Saskatoon homeowners

Right now the numbers are calculated using the property value base rate from January 2011. The city says the reassessment will happen next year, updating the base rate.

Letters notifying residents what to expect will be mailed out at the end of August, and assessment notices will go out in November.

Tax notices for individual property owners go out in the spring.

The city is expected to provide more information later this morning.