A Market in Transition: Property Assessment Notices are in the Mail
HALIFAX, Nova Scotia, January 13, 2017 – Property Valuation Services Corporation (PVSC), the
assessment authority for Nova Scotia, sent property owners their annual property assessment notice
today.
This past year, the PVSC aligned the assessment cycle to support a one-year base date, which means
property assessments reflect the market value as of January 1, 2016, one year in the past, instead of
two. A one-year base date is an industry best practice.
“Overall, the residential market is relatively flat, with most assessments increasing or decreasing within
a two percent spread,” said Carlos Resendes, VP, Business & Innovation Services. “Residential properties
eligible for the legislated Capped Assessment Program (CAP) will increase 1.4%, the Consumer Price
Index (CPI) for Nova Scotia.”
Municipalities calculate property taxes based on a property’s Taxable Assessed Value, which reflects
either a property’s Assessed Value or Capped Assessment, whichever is the lowest.
“Our analysis indicates that the real estate market is in a transition phase, especially in the Halifax
region,” said Resendes. “A few years of stable growth in the residential market – particularly in the
condo and apartment sectors – appears to have influenced growth in the commercial sector.”
Typically, as commercial properties are constructed or renovated, tenants start moving through the
market leaving older stock properties for newer ones. Properties under construction receive a partial
assessment value reflective of the current state of the property, as of December 1, 2016. All
assessments in Nova Scotia are based on a property’s current use.
Property owners can view details about their property assessment by visiting www.pvsc.ca. PVSC
representatives and assessors are available to answer questions or discuss an assessment at 1-800-380-
7775 from 8:30 a.m. – 5:30 p.m. Monday through Friday. Property owners who wish to appeal their
assessment have until midnight, February 13, 2017 to file an appeal.
In 2016, the PVSC was one of six Canadian organizations awarded by Excellence Canada with a Canada
Award for Excellence for outstanding achievement in their Excellence, Innovation and Wellness standard.
The PVSC was also the first assessment jurisdiction in North America to be certified by the International
Property Tax Institute for adherence to assessment best practices and standards.
Interviews available upon request.
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Media Contact:
Rebecca Vorstermans, Stakeholder Relations Advisor
Phone: 902-802-8571
email:
Media Kit:
2017 Assessment Overview Infographic
2017 Assessment Roll Totals
Historical Provincial Assessment Summaries
PVSC Fact Sheet
pdf
See Attached PDF for Full Details
