Property Assessment Evaluations are in the Mail

Property owners throughout Nova Scotia should have received their 2023 Property Assessment Notice last month which reflect market value as of January 1, 2022.

Assessments are determined by Property Valuation Services Corporations (PVSC), the independent, not-for-profit assessment authority for Nova Scotia.

Municipal units set property tax rates but do not determine the property’s assessment value.

2023 Property assessments are based on sales and financial data from the 2021 calendar year, along with the physical state of properties as of Dec. 1, 2022, including new construction, renovations, demolitions and impacts of Hurricane Fiona.

This year’s rate for the provincial government’s Capped Assessment Program (CAP) is 7.7 per cent. The CAP rate reflects the annual Consumer Price Index (CPI) for Nova Scotia.  The CAP limits the annual increase in taxable assessment for eligible residential properties to no more than the CPI rate for the year. About 63 per cent of residential assessments, 381,898 property accounts, qualify for CAP in 2023.