Proposed 2000 Assessment Notices
The Department of Housing and Municipal Affairs will release proposed year 2000 assessment notices Monday, June 28, to about 93,000 property owners in Nova Scotia.
The notices will be sent to commercial and residential property owners whose formal assessment for the year 2000 is expected to be over three per cent higher than their assessment from 1999.
"The fact that we have so many proposed notices going out this summer shows that in some areas of the province, the real estate market is increasingly strong," said John MacKay, executive director of assessment services. "A strong real estate market is a reflection of an improved economy."
In general, the Nova Scotian real estate market has been on an upswing for the past couple of years. The confidence of Nova Scotian buyers is increasing, and with projects such as Sable gas, the economy is growing. Low mortgage rates have also produced a busy real estate market in Nova Scotia.
"The proposed 2000 assessments reflect market data as of January 1, 1998," Mr. MacKay said. "This is when the real estate market started to make an upswing in some parts of the province. About 93,000 Nova Scotian properties have increased by over three per cent in value, just one of many indicators that in some areas of the province, the economy is improving."
The notices give property owners six months during which they can speak informally with the department about their proposed assessment. Assessment Services encourages consultation with clients by offering a toll-free assessment information line at 1-800-667-5727, available from 8 a.m. to 4:30 p.m. Property owners can also call their local assessment office for more information.
"By talking to property owners about how their property is valued, we are hoping to decrease the number of appeals, which are expensive and time-consuming for both the ratepayer and the department," said Mr. MacKay.
The Department of Housing and Municipal Affairs generates assessment values with the same assessment principles applied across the province. The department uses quality-accepted principles to analyse data and test for fairness. The annual reassessments, coupled with the advanced notice of proposed assessments, has resulted in a solid, accurate reflection of market value.
"We have lots of sales to analyse, which give us valuable information to value properties in your area," said Mr. MacKay.
Once assessments are set, the department provides them to the municipalities to determine the tax rate. Each municipality sets its own tax rate. The rate depends upon how much money the municipality needs to support services such as police, fire, lighting, schools and garbage collection. The tax rate is determined by dividing the total amount of money required by the total of all assessments in the municipality. Assessments allow municipalities to apportion the tax burden among all property owners fairly.
Proposed assessments were first provided to property owners in 1996 to help the transition from reassessments conducted every three years to those done annually. Annual reassessments provide more accurate, up-to-date values, which had been requested for some time by property owners, businesses and municipalities.