The value of taxable assessment has jumped from 108 billion dollars in 2013 to 146 billion dollars in 2017.
The largest increases are to farm land, which has seen values jump more than 100 per-cent over the four year period.
The land valuation is a basis for property tax.
The provincial government says the pasture or range land per cent of value will increase to 45 per-cent, compared to the 2013 rate of 40 per-cent.
The rate was reduced in 2005 following the impact of BSE on cattle prices.
The pasture rate is being updated to reflect current values and to mitigate some of the tax shift onto cultivated land.
Cultivated agricultural land per centage of value remains at 55 per-cent for tax purposes.
Property tax rates are established by individual municipalities and school boards.
Residential rates are 80 per cent and commercial rates remain at 100 per cent.