The City of Saskatoon reassesses property on its own multi-year cycle rather than every single year, so the assessed value on your notice can lag or lead current market conditions depending on when the last general reassessment happened.
Two separate mill rates apply to that same 80 percent taxable assessment: a municipal portion council sets through the budget process, and an education portion set provincially, and both show up as line items on the same bill even though two different bodies decide them.
None of this is the same number a buyer would pay for your house, since assessed value and market value answer different questions entirely.
Get your hand-reviewed valuation from Joel Dyck.