News release

Strong Real Estate Market Indicates Economic Growth

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

SERVICE N.S./MUNICIPAL RELATIONS–Strong Real Estate Market Indicates Economic Growth


Nova Scotia’s strong and growing real estate market is once again evidence that overall, the province continues to prosper according to preliminary assessment figures from Service Nova Scotia and Municipal Relations.

Proposed assessments for 2002, based on January 2000 market value, show values are up by $946 million or an average of two per cent.

Residential property values are up by $782 million or 2.5 percent and commercial property values increased by $165 million or 1.3 per cent.

Approximately 95,000 proposed assessment notices will be mailed today. The mailing goes only to owners whose property assessment increase by three or more per cent over last year.

"The increase reflects a strong market, which results from a growing economy," said assessment director of operations Kathy Gillis. "Assessments are valued using market data like real estate sales, building permits and information provided by property owners.”

The biggest increases for residential property are in the Halifax Regional Municipality (HRM) and the southern region where assessments are up 3.5 per cent and 3.8 per cent respectively. Commercial assessments experienced little change with the exception of a 2.8 increase in HRM and a 1.3 per cent decrease in the Cape Breton Regional Municipality.

The department started issuing proposed assessments in 1996 to give property owners several months in which to ask questions. Official notices go out in January.

"We encourage people to contact us to talk about their property values," explained Ms. Gillis. "Since we introduced proposed assessments five years ago, appeals of the year-end
assessments have continuously decreased, even though property values have been increasing for many areas."

Internationally accepted standards and principles are applied by professional staff who carefully calculate property market values every year. Annual assessments, coupled with proposed notices like those issued today, deliver an assessment roll to municipalities that is a fair and accurate reflection of market values.

Assessment rolls are used by municipalities to determine property taxes. Each municipality sets its own rate.

"This year''s proposed assessments reflect Jan. 1, 2000 market data, including an analysis of all sales, building permits and other information," said Ms. Gillis. "It''s important to note that the real estate market differs from community to community across the province and this data allows us to reflect these differences."

Property owners are encouraged to call the department’s toll-free information line regardless of whether they receive a proposed assessment (1-800-667-5727 between 8:30 a.m. and 4:30 p.m. Monday to Friday) or contact their local assessment office to meet with an assessor.

This year, market trend information is available on the department’s Web site at www.gov.ns.ca/snsmr.

Assessment Offices in Nova Scotia:

Central Regional Assessment Office, 780 Windmill Road, Dartmouth, N.S. B3B 1T3. Phone: 902-424-5225. Fax: 902-424-0586.

Northern Regional Assessment Office, 136 Esplanade St., Truro, N.S. B2N 2K3. Phone: 902-893-5800. Fax: 902-893-6101. Toll-free: 1-800-280-8963.

Southern Regional Assessment Office, PO Box 470, 270 Logan Road,

Bridgewater, N.S. B4V 2X6. Phone: 902-543-2267. Fax: 902-543-
0675. Toll-free: 1-800-380-7775.

Yarmouth-Clare Assessment Office, 10 Starrs Road, Yarmouth, N.S. B5A 2T1. Phone: 902-742-7143. Fax: 902-742-0675. Toll-free: 1- 800-532-8880.

Western Regional Assessment Office, 87 Cornwallis St., Kentville, N.S. B4N 2E5. Phone: 902-679-6106. Fax: 902-679-6175. Toll-free: 1-800-280-8979.

Eastern Regional Assessment Office, 500 George Place, Sydney, N.S. B1P 1K6. Phone: 902-563-2150. Fax: 902-563-0513.

Port Hawkesbury Assessment Sub-Office, 811 Reeves St., Chediac Plaza, PO Box 480, Port Hawkesbury, N.S. B0E 2V0. Phone: 902-625- 4250. Fax: 902-625-4093. Toll-free: 1-800-529-7708.