The value of Nova Scotia properties is up over eight percent for 2022, bringing the total value of assessments to $124.6 billion.
Property Valuation Services Corporation (PVSC) mailed more than 638,500 Property Assessment Notices to Nova Scotia property owners today.
The Assessment Roll reflects market values as of January 1, 2021 based on sales and financial data from the full 2020 calendar year. The assessments also consider the physical state of properties as of December 1, 2021,
including new construction, renovations, additions, and demolitions.
“This is the first Assessment Roll to reflect the market impacts of COVID-19 in Nova Scotia,” said Lloyd MacLeod, PVSC’s Acting Chief Operating Officer. “The COVID pandemic has had historic impacts on our province and our world, and we are seeing historic impacts on the value of properties in Nova Scotia.”
Among the highlights:
- Residential assessments have increased by 10.8 percent to $99.6 billion.
- Commercial assessments have increased by 1.3 percent to $25.1 billion.
“Overall, commercial property values are relatively flat,” said MacLeod. “However, we’ve seen a significant drop in the value of hotel, motel and other accommodation properties. The increase in residential assessments is primarily driven by an increase in market values in the latter half of 2020.”
This year’s rate for the provincial government’s residential Capped Assessment Program (CAP) is 5.4 percent. The CAP rate reflects the annual Consumer Price Index (CPI) for Nova Scotia. The CAP limits the annual increase in
taxable assessment for eligible residential properties to no more than the CPI rate for the year. About 340,000 property accounts across Nova Scotia are receiving the CAP in the 2022 Roll.
All property owners are encouraged to review their Property Assessment Notice and contact PVSC if they have questions. Assessment appeals must be received by PVSC by midnight on February 10, 2022. Assessors are
available to discuss assessments and answer questions by phone (1-800-380-7775) or email (firstname.lastname@example.org), Monday to Friday from 8:30am to 4:30pm.
PVSC operates in accordance with the Nova Scotia Assessment Act and the Property Valuation Services Corporation Act and follows internationally accepted standards for mass appraisal from the International Association of Assessing Officers (IAAO).