Property assessments were delivered last week by Property Valuation Services (PVSC). Please read more to understand how they are determined, and where to find more information.
Below are answers to some frequently asked questions about assessments.
What is Property Assessment?
Property assessment is the process of determining the value of your property for tax purposes. In Nova Scotia, it's carried out by the Property Valuation Services Corporation (PVSC).
How is it calculated?
The assessment considers factors such as the size, age, location, and condition of your property. PVSC uses sales data from the prior year, building permits, and on-site inspections to evaluate and update property values. The real estate market has been very active in the past few years with property values increasing throughout the province.
What is CAP (Taxable) Value?
Your property assessment has 2 columns; assessed value and capped assessment (If applicable). The assessed value reflects the value of your property as of December 1, 2023. The capped assessment places a limit on the amount the taxable assessed value for eligible residential property can increase year over year. The amount it can increase is based on the Nova Scotia CPI which is 3.2% this year. You will only be taxed in the capped assessment amount.
How Can I Appeal My Assessment?
If you believe your assessment is inaccurate, you have the right to appeal. PVSC provides a process for property owners to present their case and provide additional information. To learn more, visit https://www.pvsc.ca/assessment-appeals.
Online Resources:
PVSC's website (https://www.pvsc.ca/) is a wealth of information. You can access your property assessment details, explore comparable properties, and find resources to help you better understand the assessment process.
If you have any questions, PVSC is available by calling 1-800-380-7775 or by emailing inquiry@pvsc.ca.