The assessed value itself is not recalculated every year. The City of Saskatoon runs assessment on a multi-year cycle based on comparable sales data, so the number on your notice reflects the last general reassessment rather than this month's market.
The mill rate is the piece that does move annually, since council revisits the municipal portion as part of each year's budget, which is why two homes with identical assessed values in different years can still owe different amounts.
None of that arithmetic tells you what a buyer would pay for the house, since assessed value for tax purposes and market value for a sale are built from different inputs entirely.
Get your hand-reviewed valuation from Joel Dyck.