As a result of combining the residential classes under a single percentage of value, condominium owners and owners of multi unit dwellings will receive a benefit from the 2001 reassessment. We have recognized the impact of low commodity prices on the farm economy. This is a significant amount of money. We recently announced that, starting in January 2001, farmers would also be able to purchase bulk gasoline and propane tax-free. This is in addition to marked diesel fuel that has been available tax-free.
Rural municipalities have a role to play here as well.
Saskatchewan s property tax system recognizes the autonomy of municipalities to set local property tax policies. They can address local circumstances and make property tax decisions to shift the impact of reassessment among property classes. If we were to act on the suggestion to completely cushion the impact of reassessment the main impact will be on residential property. There has been no change in the percentage of value for commercial and industrial land and improvements. The removal of the business assessment and tax in 2001 gives the commercial property owner significant tax benefits.