Glossary of Terms

A | B | C | D | E | F | G | H | I | J | K | L | M

  N | O | P | Q | R | S | T | U | V | W | X | Y | Z

A

Address The common descriptor that identifies a property. It usually includes a building number and street name.

Adjusted Price (Adjusted Sale Price) The actual sale price of either land, or land and building(s), used in the City’s sales analysis. For the 2009 Reassessment, this price is modified so it is time-adjusted to the base year date of June 30, 2006, as well as adjusted to remove any chattels, financing and business or other non-property interests included in the price.

Account Number A unique numeric identifier for a property.

Applied MAF (Applied Market Adjustment Factor) A factor used to calculate the assessment of buildings on all properties (sold and unsold) within a valuation neighbourhood. This factor is used in the Cost Approach to Value to reflect market influences derived from recent sales of similar properties.

The City of Regina Assessment Department calculates the MAF for each sale property listed in the Sales Report (see definition for Calculated MAF). The applied MAF is determined in accordance with the Saskatchewan Assessment Manual by selecting the median (middle) calculated MAF within the sales sample.

Approach to Value An approach to value, or valuation approach, is a model that attempts to represent the interactions between buyers and sellers in a market.  In economic terms, an approach to value is used to understand the economic forces and principles within a market and to represent these forces in a model in order to estimate the money value of property.  There are three main approaches in real property valuation: the Cost Approach to Value, the Sales Comparison Approach to Value and the Income Approach to Value.  The common element in all three of these approaches is that they must represent both supply and demand sides of the market.

Assessed Parcel The property identifier used by Information Services Corporation of Saskatchewan containing the lot, block and plan number of a property.

Assessed Value Assessed value assessments are the property assessments determined in accordance with The Cities Act and the Saskatchewan Assessment Manual adopted by the Saskatchewan Assessment Management Agency. The assessed value of properties reflects a base date of June 30, 2006.

B

Balcony  This term usually refers to the exterior balcony on an apartment.  It is similar to an exterior deck except that it is raised and accessed from the suite.

Bare Land Condominium In bare land condominium developments, a building is not required to be on the parcel when the condominium plan is submitted for approval. The bare land "unit" is a specific portion of the parcel. A purchaser buys the "unit" from the developer and contracts with the developer to build a building on the unit. In this sense, the "unit"' is analogous to a lot in a subdivision. 

Base Tax In a base tax system, a specific dollar amount is applied to the municipal portion of each tax bill, regardless of an owner's property assessment. The calculation for the school and library portion of the tax bill do not change.

The municipal portion of the property tax bill is calculated as:

Base Tax + (Taxable Assessment X Municipal Mill Rate  X Mill Rate Factor) ÷ 1000 = Municipal Taxes

While a base tax changes the amount of taxes paid for a specific property, a base tax does not increase or decrease the total tax collected.

Currently, municipal, school and library taxes are determined using the following calculation:

(Taxable Assessment  X Municipal Mill Rate  X Mill Rate Factor) ÷ 1000 = Property Taxes

Building Value The total assessment value of all structures located on a property, as determined following the rules and regulations set out in legislation and in the Saskatchewan Assessment Manual . Used in the Cost Approach to Value.

Building Quality  The quality of workmanship and materials used to construct a building. Quality may be defined as any of the following:

Low - Low cost construction meeting minimum building requirements.

Fair - Mass-produced construction with low cost as the primary consideration.

Average - Most common quality of buildings. Mass-produced and meeting or exceeding minimum building requirements. Quality of materials and workmanship are acceptable.

Good - May be mass-produced. Good quality standard materials are used. Some attention is given to architectural design.

Very Good - Frequently individual design. Attention given to interior and exterior refinements and detail.

Excellent - Typically individual design. High quality material and workmanship. Attention to detail.

Business Improvement District (BID) A BID provides a mechanism by which a group of businesses or property owners in a community, area or neighbourhood can collectively organize, finance and implement economic development activities (such as marketing and promotion, signage, streetscaping, etc.).

The City of Regina collects the BID tax (an additional mill rate) on behalf of each Business Improvement District.

There are two BIDs in Regina. The first is called Regina Downtown and includes the area between Osler Street to Albert Street and Saskatchewan Drive to Victoria Avenue. The second is called the Regina Old Warehouse District and includes the area surrounding Dewdney Avenue from Albert Street to Broad Street.

C

Calculated MAF (Market Adjustment Factor) The market adjustment factor calculated from each individual sale listed in the Building Sales Report for a valuation neighbourhood. Used in the Cost Approach to Value.

Change in Average (percent) Indicates the overall percentage difference in the assessment from the previous year to the current year (i.e. 2008 to 2009).

City-Wide Profile Summary information that provides an overview for a particular group of properties ("Residential" for example). This information describes the property group's characteristics and compares the similarities and differences in assessment change for the property group in different areas (city-wide, market area and valuation neighbourhood.)

Closed Veranda An enclosed extension attached along the exterior of a building or structure.

Cost Approach to Value Approach for estimating market value-based assessments that quantifies the cost in current dollars to recreate the property being assessed and assumes that a potential purchaser would pay no more for that property than the cost of replacement. 

Condominium A form of legal ownership of a building and property, consisting of two parts:

• The first part includes common property, such as roads, parking spaces, recreational facilities, elevators and lawns. Each owner owns a proportionate share of the common property.
• The second part, called a unit, is owned by and registered in the name of the purchaser of the unit.

Condominiums can be residential, commercial or both. In standard or regular condominiums, a building is divided into units. Typically standard condominiums are usually known as townhouse or apartment condominiums. The Condominium Property Act, 1993 governs the formation of condominiums and defines the rights and responsibilities of condominium developers, owners and boards.

Condominium Complex All of the condominium units within a registered condominium plan.

Condominium Market Model  A grouping of residential condominium properties that have similar influences on value (such as a similar style of construction like "Low Rise Apartment Style") identified when analyzing properties using the Sales Comparison Approach to Value.

Condominium Unit Number A number, assigned by the developer that identifies on the title for the condominium unit and forms part of the legal description for the unit.

Corner Unit or End Unit A unit that is either an end unit of a townhouse or row house complex, or a corner unit in an apartment complex.

Covered Parking The parking assigned to a unit that may be part of a parkade or garage. 

D

Deck  Any outdoor floor structure and may have railings, benches and/or roof structure.

Depreciation Loss of value from any cause.

DRCN (also known as Replacement Cost New Less Depreciation) A value representing the 2006 (D)epreciated (R)eplacement (C)ost (N)ew of all buildings located on a property as calculated using the procedures and tables from the Saskatchewan Assessment Manual . Used in the Cost Approach to Value.

Direct Sales A notation used by the City of Regina to refer to properties whose assessments are calculated using the Sales Comparison Approach to Value (also referred to as the Direct Sales Comparison Approach).

E

Effective Year Built  The effective year of construction of a structure. This is used when major renovations have taken place and parts of the building now contain new material. Assessors calculate an "effective year of construction" using the rules and regulations contained in the Saskatchewan Assessment Manual .

Exemption Under provincial legislation or the approval of City Council, a property may have a portion or all of its assessment not used to calculate annual property taxes.

Statutory exemptions are provided in provincial legislation for properties such as hospitals, schools and places of public worship.

F

Finished Basement Partitioned living areas built in the basement.

Fireplace The various types of fireplaces and wood-burning stoves, such as natural gas, wood burning, masonry or prefab.

G

Garage A building or structure used, designed to be used, or reasonably capable of being used, for the storage of cars, trucks or other light vehicles that is constructed to a similar construction standard as residential buildings or structures.

As well, garages can be structures that may be used as shops or sheds, but are constructed to a similar standard and size as residential garages, with or without overhead garage doors. These buildings can be attached, detached or built-in.

Greenspace  A property characteristic that can influence value as identified by analysis. A property must be backing or flanking onto a greenspace for this characteristic to potentially influence value. Used in the Sales Comparison Approach.

H

Hillside Design A property characteristic that can influence value, as identified by analysis. Used in the Sales Comparison Approach to Value. 

I

Income Approach to Value  (also referred to as the " rental income" approach) Approach for estimating market-value-based assessments that analyses the anticipated future benefits or income from a property and converts this income into an estimate of present value.

J

K

L

Land Value  The value of a property’s land, based on the average 2006 market conditions, which may be adjusted due to items such as services to lot, street type and/or size of lot. Used in the Cost Approach to Value for improved properties and in the Sales Comparison Approach to Value for vacant land.  

Laneway Charge  A special tax charged to owners of properties that border laneways (gravel and paved) for the purpose of funding maintenance. Each year, the City does maintenance work on a priority basis by assessing the condition of all alleys.

Levy Refers to the current year billing of general taxes calculated using the taxable assessment, mill rate and mill rate factor.

Local Improvements Any work or service paid for by charging part or all of the cost to property owners who benefit from the work or service. Local improvements are set by City bylaws. Examples of local improvements include:

• Sewer and water main installation or replacement
• Sidewalk installation or replacement
• Curb and gutter installation or replacement
• Road or alley paving
• Alley lighting

Lot Size (also known as Parcel Area) The total square footage of a property’s lot as determined using the City’s Geographical Information System.

M

MAF (Market Adjustment Factor) When using the Cost Approach to Value, the influence of the real estate market is reflected in an assessment through the application of an applied "market adjustment factor."

To determine the Applied MAF for an entire valuation neighbourhood when assessing properties using the Cost Approach to Value, assessors first determine the Calculated MAF of each sale in that valuation neighbourhood (Building Residual divided by the 2006 Replacement Cost New Less Depreciation building value). The median (middle) of the Calculated MAF is the Applied MAF.

MAF Group A grouping of similar properties based on physical characteristics.

MAF Group Sales All sales of properties within a MAF group, sorted by applied MAF. Multiple applied MAFs indicate that one or more stratifications exist within the MAF group based on geographic locations.

Market Building Class (also known as Building Class or Building Description) The predominant type of building constructed on a property.

Market Area Through sales and inventory analysis, the City's Assessment Department is able to group residential properties that are similar in age, size, location and value into distinct Market Areas. Properties in these areas are further grouped into valuation neighbourhoods.

On the Assessment and Sales Statistic Page, the Market Area Profile provides an overview for a particular group of properties within one of the 6 market areas. This information describes the property group's characteristics and compares the similarities and differences in assessment change for the property group in different areas (city-wide, market area and valuation neighbourhood).

Market Model A group of properties used in the market analysis.  The market model applied to a property is the most appropriate model based on comparability of the various models

Market Valuation Standard The standard that is achieved when the assessed value of a non-regulated property: is prepared using mass appraisal; is an estimate of the market value of the estate in fee simple in the property; reflects typical market conditions for similar properties, and; meets any quality assurance standards established by order of the agency.

Marshall Valuation Service This is the version of the Marshall Valuation Service published by Marshall & Swift L.P., as of the July 2006 service update. The Marshall Valuation Service is used to determine replacement costs for the majority of commercial properties valued using the Cost Approach to Value.

Mass Appraisal The process of preparing assessments for a group of properties as of the base date using standard appraisal methods, employing common data and allowing for statistical testing. 

Median Adjusted Sales Amount The mid-range value of sales for a specified property type (i.e. residential) in a specified area (city-wide, market area or valuation neighbourhood).

Median Assessment The mid-range value of a specified property type (i.e., residential) in a specified area (city-wide, market area or valuation neighbourhood) in the year specified.

Median Lot Size The mid-range value of the size of a lot for a specified property type (i.e., residential) in a specified area (city-wide, market area or valuation neighbourhood).

Median Total Living Area The mid-range size of the total living area of a residential property in a specified property type in a specified area (city-wide, market area or valuation neighbourhood).

Median Year Built The mid-range age for a specified property type in a specified area (city-wide, market area or valuation neighbourhood).

Mill Rate The tax per dollar of assessed value of property. The rate is expressed in "mills", where one mill is one-tenth of a cent ($0.001). Mill rates are set by each taxing authority to raise the revenue required by their budget.

Mill Rate Factors A factor applied in tax calculations in order to redistribute the amount of total taxes paid by property classes and subclasses according to the tax policies approved by City Council. A mill rate factor does not increase or decrease the total amount of taxes collected annually, but can change the amount of tax collected from each property class or subclass.

Minimum Tax A minimum amount of tax, established at the discretion of City Council, with respect to any land and improvement. Under a minimum tax system, the municipal property tax calculation is:

(Taxable Assessment  X Municipal Mill Rate X Mill Rate Factor)÷1000 = Municipal Taxes

The result of this calculation is compared with the established minimum tax. If the calculation is lower than the minimum tax, the minimum tax amount is applied to the property. If the calculation is higher than the minimum tax, the calculated amount is applied to the property. Minimum tax can only be applied to municipal taxes (not to school or library portions). 

Multiple Regression Analysis (MRA)   MRA is a statistical technique that analyses market (independent) variables, such as lot size, building size, building quality and location, and then predicts the value of a single (dependent) variable, that being sale price (market value). MRA is commonly used in the Sale Comparison Approach to Value. 

N

Number of Properties The number of tax accounts found within a specified area (city-wide, market area or valuation neighbourhood) that were analysed.

Number of Sales The number of sold properties found within a specified area (city-wide, market area or valuation neighbourhood) that are used in analysis.

O

Open Veranda An open extension attached along the exterior of a building or structure.

Other Types  The percentage of properties in the specified area (city-wide, market area or valuation neighbourhood) that are not in the other groups displayed. This includes 3- or 4- level split properties. Found on the Assessment and Sales Statistics page.

P

Phase-In Adjustment A tax tool available to City Council, to manage tax changes (increases and decreases) because of revaluation. A phase-in adjustment was approved for the 2009 reassessment  for commercial and industrial class properties. The phase-in is revenue neutral with the cost of the phase-in for increases off set by phase-in of decreases. The phase-in will see 1/3 of the tax change applied for 2009 and 2/3 of the tax change applied for 2010 with 100% of the tax change applied for 2011.

Porch A roofed structure attached to the exterior of a building or structure.

Primary Building The predominant structure on a property. Typically it is the largest structure.

Property Characteristics  Property features that influence a property's assessment. Using Multiple Regression Analysis (MRA), the City's Assessment Department identifies a number or property features, including but not limited to:

Property Class  Property classes established by the Province for use by municipalities to apply tax policy decisions (mill rate factors, minimum tax, base tax and tax phase-in). Current property classes include: residential, multi-unit residential, commercial and industrial, seasonal residential, elevators, non-arable (range land), other agricultural and railway rights of way and pipeline.

Provincial Percentage A percentage established by the Province for each property class (see Property Class.) The assessment calculated following the Saskatchewan Assessment Manual is adjusted by this provincial percentage to arrive at the taxable assessment used to calculate your taxes:

• Residential - 70%
• Multi-unit Residential - 70%
• Commercial and Industrial - 100%
• Seasonal Residential - 70%
• Elevators - 75%
• Non-arable (Range) Land - 40%
• Other Agricultural - 55%
• Railway Rights of Way and Pipeline - 75%

Provincial Education Property Tax In 2009, the Provincial Government changed the way education costs are funded by the province and to the way that education property taxes are calculated.

Starting in 2009: 

• The province now sets province wide mill rates to calculate the education tax for properties:
• The education tax credit program has been discontinued and education tax credits no longer apply; and
• The province has changed the level of direct funding for school boards.

The Province-wide mill rates for 2011 are:

For further information on the education tax changes and 2011 education mill rates please contact the Province of Saskatchewan at

www.education.gov.sk.ca/edpropertytax or call 1-866-984-8577

Q

R

S

Sales Comparison Approach to Value The Sales Comparison Approach is an approach for estimating market value-based assessments by comparing to the sale prices of similar properties that have sold recently.

Sale Date  The month and year in which a property sold.

Study Area A group of properties with similar attributes and location but not geographically bound.  

Street Adjustment A property characteristic that can influence value as identified by analysis, such as being located on an arterial or collector street. Used in the Sales Comparison Approach to Value.

Style  The style of construction of a building, such as 1-storey, 2-storey, bi-level, etc.  

Subclass (also known as Property Subclasses) A sub-classification of property established, at the discretion of City Council, in addition to the property classes established by the Province (see Property Class and Provincial Percentage) for the purpose of managing tax incidence resulting from a revaluation. Municipalities are authorized under The Cities Act to establish property subclasses within the provincial property classes. The subclass for condominiums was created under the provincial class for residential properties.

T

Tax Policy A policy direction adopted by City Council to manage and apply taxes to the various properties within its jurisdiction. Tax policies can impact the amount of taxes a property owner pays. During a reassessment, City Council reviews its current tax policies and any other tax policy options available. Council then decides which tax policies to adopt.

Taxable Assessment (or Taxable Assessed Value) A value  to which a mill rate and mill rate factor are applied to arrive at a property's taxes. This value is arrived at by multiplying the assessed value by the provincial percentage.

Assessed value  X Provincial percentage = Taxable Assessment

Taxable Assessment  X Mill Rate  X Mill Rate Factor ÷ 1000 = Property Taxes

Tax Phase-In  The process to phase in tax changes resulting from reassessment, established at the discretion of City Council. Tax phase-in plans can be up to four years, can be different for each property class or subclass, and can be different for tax increases and decreases.

Phase-in cannot be applied to changes in the tax rate resulting from the annual budget or changes to a property's assessment because of new construction, renovations or demolitions.

Total Gross Area (TGA)  The (T)otal (G)ross (A)rea of a building is the total square footage of all floors in the building.

Total Living Area (TLA)  The approximate total living area of a home in square feet. This amount includes the main and upper floor areas. In a split level house, this amount includes the area of the third level.

Total Net Area This is the total net rentable area of all structures on the property. 

Total Number of Units The total number of suites in all buildings on the property.

U

Unfinished Allowance A term indicating that a property's assessment includes an adjustment for partial construction (based on the most recent inspection by the Assessment Department.) The Department will complete a subsequent inspection; if at that time it is discovered construction is complete or occupied, the City will issue an additional assessment and tax bill to reflect the value as a completed structure.

V

Valuation The determination of the value of property for assessment purposes in accordance with a municipal Act, as of a base date established by the agency in accordance with this Act and its regulations, by methods that may include the inspection or re-inspection of property to determine physical characteristics and condition.

Valuation Neighbourhood  A definable geographical area that contains properties with similar influences on value. The Assessment Department identifies valuation neighbourhoods by number.

In some cases, a valuation neighbourhood may have the same boundaries as a community neighbourhood. In other cases, a valuation neighbourhood may encompass several community neighbourhoods or include only part a community.  Please view the valuation neighbourhood maps.

W

Ward A geographical area of a city defined for the purpose of Councillor representation. The interests of the property owners in these areas are represented on City Council by an elected councillor.  

X

Y

Year Built The actual year of construction of a structure.  

Z

1-Storey A figure representing the percentage of properties in a specified area (city-wide, market area or valuation neighbourhood) that are 1-storey (i.e. bungalow) structures. Found on the Assessment and Sales Statistics page. 2-Storey A figure representing the percentage of properties in a specified area (city-wide, market area or valuation neighbourhood) that are 2-storey (i.e. bungalow) structures. Found on the Assessment and Sales Statistics page.