Nova Scotia property values up for 2022
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 in January 2022.
The Assessment Roll reflects market values as of January 1, 2021, based on sales and financial data from the 2020 calendar year. The assessments also consider the physical state of properties as of December 1, 2021, including new construction, renovations, additions, and demolitions.
Property Valuation Services Corporation (PVSC) is an independent, municipally funded, not-for-profit organization that provides property assessment services and information to Nova Scotia’s municipalities and property owners.
PVSC assesses the value of every property in Nova Scotia each year (over 638,500 properties in total), provides an Assessment Roll to all 49 Nova Scotia municipalities each year by December 31, and mails
Property Assessment Notices to property owners every January.
PVSC does not have the legislative authority to create property tax policy, set property tax rates, collect property taxes, or provide property tax relief. Those important roles are fulfilled by Nova Scotia's provincial and municipal governments.
Residential assessments have increased by 10.8 percent to $99.6 billion.
Commercial assessments have increased by 1.3 percent to $25.1 billion.
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 Capped Assessment Program limits, or ‘caps,' the annual increase in taxable assessment for eligible residential properties to no more than the N.S. Consumer Price Index (CPI) for that year. Eligible properties are at least 50% owned by a Nova Scotia resident, residential with less than four dwelling units or
vacant resource, owner-occupied (if a condominium) and owned for at least a year unless ownership remained within a family.
The Capped Assessment Program
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.