News release

Real Estate Market Reflects Strong Economy

Service Nova Scotia and Municipal Relations (Oct. 2000 - March 2014)

SERVICE N.S./MUNICIPAL RELATIONS--Real Estate Market Reflects Strong Economy


Nova Scotia's real estate market has been showing continued growth, say property assessment figures released by the provincial government today. Property values are up almost $1.7 billion over last year's numbers, an increase of 3.8 per cent.

The total value now is $46.1 billion, up from $44.4 billion in 2000. The figures are reflected in more than 545,000 assessment notices that are being mailed by Service Nova Scotia and Municipal Relations today. The assessments reflect Jan. 1, 1999 market data.

The trend was strongest in Halifax Regional Municipality, where the tax base grew by $1.2 billion and commercial property values by close to eight per cent. Substantial growth was also apparent on the South Shore, particularly on waterfront properties. Cape Breton Regional Municipality, which was in an economic downturn in 1999, saw a decline of 1.4 per cent.

"These increases reflect the strength of Nova Scotia's economy, particularly in Halifax and the energy sector," said Service Nova Scotia and Municipal Relations Minister Angus MacIsaac. "While the overall provincial picture is very strong, there are some areas of the province that are still struggling. We need to take a look at these regional differences."

Higher assessments do not necessarily mean higher property taxes. Tax rates are set by municipalities.

"We're seeing new investment, as well as strong demand for existing properties in many areas of the province," said Kathy Gillis, director of operations at Service Nova Scotia and Municipal Relations.

The department assesses properties across the province at market value every year, applying consistent principles and adhering to common professional standards. Service Nova Scotia and Municipal Relations issues proposed assessment notices each summer to property owners who could see an increase of more than three per cent when the official notices are mailed in January. Annual assessments, together with the proposed assessment notices, yield a municipal assessment roll that reflects local market values fairly and accurately.

Property owners who do not agree with the assessed value of their property have 21 days -- until Feb. 5 -- to appeal the assessment.

"Since we moved to annual assessments and proposed assessment notices in 1996, we have witnessed a steady decrease in appeals," said Ms. Gillis. "Lower appeal rates prove the accuracy of our process and the efficiency of our work."

The department has set up a toll-free Assessment Information Hotline (1-800-667-5727) to answer questions from property owners. It is open weekdays between 8:30 a.m. and 4:30 p.m. Detailed information about the assessment process, appeals and market trends is available on the Internet at www.gov.ns.ca/snsmr/asmt/ .