Central Region Assessment Notices Mailed

SERVICE N.S./MUNICIPAL RELATIONS--Central Region Assessment Notices Mailed

More than 500,000 property assessment notices are in the mail today, Jan. 10, to Nova Scotia property owners. The total assessed value of properties in Nova Scotia is more than $53 billion, an increase of 6.6 per cent over 2004.

In Halifax Regional Municipality (HRM), the total assessed value of residential properties is nearly $18.6 billion, an increase of 10 per cent over 2004, while the total assessed value of commercial properties is $6.9 billion, up by 4.8 per cent from 2004.

"Property values continue to rise in HRM," said Lloyd MacLellan, regional director of the central assessment region. "The most common reason for an increase in a residential assessment is that the value of a property increased as a result of a strong real estate market. If someone has recently made renovations to their property, such as a new deck or garage, that will also contribute to a change in their property assessment."

All properties are assessed at market value as of Jan. 1, 2003. However, the 2005 taxation year marks the first year of the CAP Assessment Program, a program initiated by the Nova Scotia government to protect property owners against sudden and dramatic increases in property values. It allows eligible property owners to apply each year for a cap on their taxable assessment increase.

Assessment notices for the about 32,000 property owners who applied for the cap were not included in today's mailing. Those property owners will receive their notices in February.

"All properties continue to be assessed at market value," said Mr. MacLellan. "The province of Nova Scotia and more than 120 countries around the world use market value as a standard for property assessment. However, property owners who applied and are deemed eligible for a cap will see a limit on the amount that their taxable assessment can increase.

"Property owners who applied for the cap will be notified of their eligibility and receive their assessment notices in February," said Mr. MacLellan. "Eligible properties will receive both a market value assessment and a capped assessment. The capped value will be used by the municipality to calculate their property taxes for 2005."

Residential property owners who get an assessment notice in January can obtain detailed information about their property by entering a personal identification number (PIN) and their assessment account number (AAN) on the website at www.nsassessment.ca . The PIN and AAN are printed on assessment notices. Property owners who do not have Internet access can get their questions answered by calling the Assessment Information Line at 1-800-667-5727.

"We welcome calls from property owners regarding their assessments," said Mr. MacLellan. "We especially encourage property owners who are thinking about appealing their assessment to call us so they can obtain more information."

Property owners who receive assessment notices in January 2005 may appeal their property assessment if they believe that it is not a reasonable estimate of market value at Jan. 1, 2003. To appeal, owners must fill out a form provided on the bottom of their assessment notice and return it to a Regional Assessment Office in person, by mail or by fax. It must be received in the Regional Assessment Office by no later than midnight, Jan. 31, 2005.