Real Estate Trend Still on the Upswing

Property values continue to rise in Nova Scotia. Proposed assessments for 2001 show values up an average of two per cent across the province.

The assessment division of Housing and Municipal Affairs today mailed proposed assessments to more than 60-thousand Nova Scotia property owners. The mailing only goes to owners whose property is assessed at three per cent more than last year.

"This increase reflects a strong market, which results from a generally improving economy," said assessment executive director John MacKay. "Assessments are valued using market data. These market factors vary across the province and that, in turn, causes fluctuations in local assessment values."

The biggest increases are in metro Halifax, where residential assessments are up three per cent and commercial assessments jumped by 4.2 per cent over last year. However, there are areas in Cape Breton that show a decrease in assessment values.

The department started issuing proposed assessments in 1996 to give property owners several months in which to ask questions. The official notices go out in January.

"We encourage people to contact us and discuss their property values informally," explained Mr. MacKay. "Since we introduced proposed assessments five years ago, appeals of the year-end assessments have decreased by about a third. That saves time and money for both the property owner and the government."

The department applies the same assessment principles across the province to carefully calculate property market values every year. Annual assessments, coupled with proposed notices like those issued today, deliver an assessment roll to municipalities that is a fair and accurate reflection of market values.

Housing and Municipal Affairs delivers the assessment rolls to municipalities which use the information to determine property taxes. Each municipality sets its own rate.

"This year's proposed assessments reflect Jan. 1, 1999 market data, including an analysis of all sales and on-site property inspections," said Mr. MacKay. "It's important to note that the real estate market differs from community to community across the province and our assessments reflect these differences."

Property owners who have questions about their assessment, regardless of whether they receive a proposed assessment or not, can contact the department's toll-free assessment information line (1-800-667-5727) between 8:30 a.m. and 4:30 p.m., Monday to Friday. They can also call their local assessment office to meet with an assessor.

Assessment related information can also be found on the department's web site www.gov.ns.ca/homa/asmt/.