Saskatoon and Regina have the lowest commercial-to-residential tax ratios of all major Canadian cities, according to a new Altus Group study.
The Canadian Property Tax Rate Benchmark report found Saskatchewan’s two biggest cities topped the list with ratios of 1.72 and 1.74, respectively.
Winnipeg wasn’t far behind with a ratio of 1.98, while Montreal and Toronto, both at 3.78, and Vancouver (4.40) were at the opposite end of the spectrum.
The average ratio of the 11 cities measured was 2.9.
Here’s what it means: a residential property valued at $1 million would incur taxes that were 2.9 times less than a commercial property of the same $1 million value.
“Lower commercial property taxes help make cities more competitive, promote job growth and investment and subsequently generate more stable and sustainable revenue,” the report said.
In its preliminary budget, the City of Saskatoon recently proposed increasing property taxes by 4.5 per cent this year.