Property values in Steinbach are down, at least for single family homes. Ed Kolodziej of the provincial Tax Assessment Branch presented the reassessment report to city council Tuesday that is to be used for tax purposes starting in 2018. He notes it is based on changes in property values from April, 2014 to April, 2016. Based on real estate sales, Kolodziej says the average value of single family homes in the city was down 1.5 per cent during that period while the value of apartment blocks was up 4.2 per cent and condo values were up 1.5 per cent.

Mayor Chris Goertzen says, while it's unusual to see a decrease in the value of Steinbach homes, it was not unexpected.

"This isn't a surprise for us as a city although we haven't dealt with this in some time. But (2014 to) 2016 was quieter when it came to houses built and the sales of houses and so that's to be expected to have the assessment then not grow as substantially. At the same time, we continue to see large numbers for 2017 so it's really good to see that trend moving up."

The 2017 numbers will not be reflected until the next reassessment report two years from now.

Councillor Michael Zwaagstra says it's quite different from the norm to see property values decrease in Steinbach.

"Well it is certainly a change from what we've seen in previous years. What we're used to seeing in Steinbach, in particular, is significant changes in assessment where property values go up and then that has an impact on tax rates. In this case, the change is quite minimal, that on average, a significant number of properties actually had a slight decrease and that is something that is different in what we normally see in reassessments."

Mayor Goertzen says city council will take the revised assessments into account as it plans the 2018 budget and may consider a hike in the mill rate if necessary.

"We have a lot of pressures when it comes to our budget. We have a lot of projects that are essential to a growing city. At the same time, we will be mindful of the assessment and what it has done over the last while and make sure we find a balance that allows for a continued stable mill rate."

In the last several assessment years, city council has lowered the mill rate because of sharp increases in property values.