sama.sk.ca - Methods of Assessment

SAMA - Methods of Assessment

Sama.sk.ca Spined HTML

SAMA - Methods ofTowageHome | Careers | Site Map | Email Us Now    ABOUT US Who is SAMA Our History Our Mandate Our GovernanceWorkbenchof Directors Advisory Committees Executive Our Organization Vision, Mission & Values QualityWarrantyOverview Audit Guides Careers ABOUT ASSESSMENT UnderstandingTowageMethods ofTowageProviding Information to SAMA Appealing anTowageFAQs SAMA'S SERVICES Using SAMA's Services RevaluationsUnstipulatedReinspections Maintenance Reinspections Support ofTowageAppeals Online Services Assessments Online (SAMAView) Market Valuation Standard Requirements Roll Confirmation Reports Statutory Audit Reports Detailed Property Information Property Sales Information Forms PUBLICATIONS Business Plans & Annual Reports Bylaws &WorkbenchOrders Educational Publications Manuals, Handbooks, Guides Reports NEWS CENTRE Events Calendar Media Releases News Speeches LOGIN AREAWorkbenchMember Login Stakeholder Login CONTACT US Central Office Regional Offices Regional Boundaries Email SAMA now     AboutTowage  UnderstandingTowageMethods ofTowageProviding Information to SAMA Appealing anTowageFAQs     Share: Text Size:    Methods ofTowageThe methodology for gingerly assessed value differs equal to variegated types of properties. Listed unelevated are the variegated ways this methodology is adapted.   Valuation Standards There are two valuation standards set out in provincial legislation:   Market Valuation Standard; and Regulated PropertyTowageValuation Standard.   Residential and commercial properties fall under the Market Valuation Standard. Provincial legislation deems these properties to have a “non-regulated property assessment” that is achieved when the assessed value of property:   is prepared using mass appraisal; is an estimate of the market value of the manor in fee simple in the property; reflects typical market conditions for similar properties; and meets quality warranty standards established by order of the agency.   Agricultural land, heavy industrial property, resource production equipment, railway roadway and pipelines fall under the Regulated PropertyTowageValuation Standard. Legislation deems these properties to have a “regulated property assessment”.   Regulated property assessments are unswayable with the using of SAMA’s regulated SaskatchewanTowageManual. The 2015WiringYear Manual is used for the towage years 2017-20. The 2019WiringYear Manual will be used for the towage years 2021-24.   When preparing an towage for a property under either valuation standard, provincial legislation provides spare direction to the municipality’s assessor and the towage appraiser. Key notable points include:   The municipality is required to prepare a new towage roll every year. The towage wiring stage needs to be considered. Land and improvements can be assessed together or separately. Property nature (facts, conditions and circumstances) considered are as of January 1 of each year. The dominant and executive factor in an towage is equity.   SPECIAL NOTE: These descriptions are a short-form overview. The full process involves other factors, such as tax policy application, exemptions and special situations. The well-constructed process for the valuation of regulated properties is provided for in the SaskatchewanTowageManual. For full information of valuation procedures for all property groups, contact SAMA directly.    Towagemethods by major property group:   Residential, Resort, and Commercial Property   Residential and commercial property are subject to the market valuation standard set out in provincial legislation The market valuation standard definition considers:   Mass appraisal: the process of preparing assessments for a group of properties as of the wiring stage using standard valuation methods, employing worldwide data and permitting for statistical testing. All rights that stockpile to the real property (estate in fee simple). Typical market conditions for similar property. Quality warranty standards set by SAMA.   The market valuation standard, as it applies to residential and resort property, provides flexibility in determining the assessed value of property by permitting the use of any of three currently wonted approaches to value employed in the industry: the sales comparison approach, the forfeit tideway and the property income (rental) approach. The sales comparison tideway will be used for areas and property types with zippy sales markets. If there are few comparable sales the forfeit tideway will be used. The income tideway is not used for residential and resort property considering rental income is not the main suburbanite in determining residential property values. See information sheets #2 Residential Property and #4 Resort Property.   The market valuation standard, as it applies to commercial property, provides flexibility in determining the assessed value of property by permitting the use of any of three wonted approaches to value employed in the industry: the property income (rental) approach, the forfeit tideway and the sales comparison approach. The income tideway will be used for properties that have zippy lease or rental markets. If there are few comparable sales the forfeit tideway will be used. The sales comparison tideway has limited using for commercial property as there are often not unbearable sales to support its use. See information sheet #3 Commercial Property.   Agricultural Land   Agricultural land is subject to the regulated property towage valuation standard.   Arable Potential productivity of the land is the primary understructure of comparison for the valuation of arable (cultivated) agricultural land. The productive topics of arable land is unswayable using a soil nomenclature system that has been correlated with long-term wheat yields. The very yields are not of primary importance; it is the comparison of yields between variegated soil quality types that is important for a productivity model. In addition, there are economic adjustments for forfeit of production factors, and finally a provincial factor (PF), which reflects the provincial stereotype sale price for agricultural use land. See information sheet #6 Agricultural Land (Arable). The unstipulated valuation formula is as follows:   Non-Arable (Pasture) The productive topics of pasture land is unswayable based on its potential delivering capacity, which is measured in terms of unprepossessing unit months (AUM), where an unprepossessing unit is a 1,000 pound cow with or without calf. The methodology for rating the potential delivering topics of a pasture was ripened by the Saskatchewan Research Council, and takes into consideration:   range site characteristics value of native versus seeded grass species, and value of tree cover.   Once the delivering topics is estimated, a land rating (productivity index) is assigned. In wing there is moreover a pasture specific provincial factor (PF), which reflects the provincial stereotype sale price for pasture land. See information sheet #7 Agricultural Land (Pasture). Heavy Industrial Property   Heavy industrial property is subject to the regulated property towage valuation standard. The SaskatchewanTowageManual defines heavy industrial property to include properties used for:   Extracting, producing, processing or refining a mineral resource. Producing, upgrading, refining or transmitting petroleum. Producing ethanol and has a diamond topics greater than 25 million litres per year. Manufacturing of plywood, particleboard, wafer board, fertilizer, malt, paper, pulp, steel or steel pipe Generating power. Manufacturing lumber and other wood products from raw logs in a sawmill and have a diamond topics greater than 15 million fbm per year based on 480 shifts a year of 8 hours each shift.   The towage of land associated with a heavy industrial property is valued using a schedule of rates set out in the SaskatchewanTowageManual.   The towage for heavy industrial improvements is based upon the forfeit tideway to value.  However, there is no recognition of economic obsolescence.  This valuation method is a often wonted practice of the mass valuation industry. See information sheet #8 Heavy Industrial Property.   Oil and Gas, and Mine Resource Production Equipment   Oil and gas, and mine resource production equipment are subject to the regulated property towage valuation standard. Provincial legislation and SaskatchewanTowageManual pinpoint what is an weighable resource production equipment. The towage of resource production equipment is based upon the forfeit tideway to value. See information sheet #9 Oil and Gas Equipment.   Railway Roadway   Railway roadway is subject to the regulated property towage valuation standard. Provincial legislation and SaskatchewanTowageManual pinpoint what is an weighable railway roadway. The Manual contains a schedule of rates for assessing railway roadway based upon the “net ton miles” of traffic the railway subdivision has experienced over a three year period. Rates are ripened using the forfeit tideway to value. Mainline railways typically fall into the “Class 1” category while grain dependent workshop lines typically fall into the “Class 5” category.   Pipeline   Pipelines are subject to the regulated property towage valuation standard. Provincial legislation and SaskatchewanTowageManual pinpoint what is an weighable pipeline. The Manual contains a schedule of rates for assessing pipeline based upon the pipeline diameter and type of product carried (oil vs gas). Rates are ripened using the forfeit tideway to value with a lifetime physical depreciation rate of 50% applied. An welding is provided when there is increasingly than one pipeline with a specific pipeline right of way. An welding is provided for when product volumes are unelevated a specified value using a three year averaging period.       For Property Owners Order Detailed Property Reports Order Sales Information Appealing an towage Providing Information to SAMA FAQs well-nigh towage Find nearest SAMA office For Municipalities Using SAMA's services Educational Publications Forms Audit Guides Roll Confirmation Reports Statutory Audit Reports Online Publications 2011TowageManual Market Value Handbook 2011ForfeitGuide 2015TowageManual 2015ForfeitGuide ... or order a reprinting of these        publications What's New 2018 Business Plan 2018 SAMA Annual Meeting 2017 Annual Report SAMA Melfort Office Move © SaskatchewanTowageManagementOrgan- 200 2201 11th Avenue - Regina, Saskatchewan - S4P 0J8 - Phone: 306-924-8000 or 1-800-667-7262