Residential, commercial sectors see substantial growth; market values dip across the province
TRURO - Residential property assessment values have increased for a fifth consecutive year in Truro, gaining 7.3 per cent over last year's figures.
The increase pushes the total value of residential properties in the town to about $560.5 million, and is in line with the overall provincial average increase of seven per cent, a total of $61 billion.
"There has been pretty substantial growth in both residential and commercial sectors in Nova Scotia and we reflect what the market value is," said Joe McEvoy, spokesman for Property Valuations Services Corporation, the non-profit corporation that determines the market value of properties in Nova Scotia.
McEvoy said the values on the recently distributed property assessments are a reflection of market values six months before and after the baseline date of Jan. 1, 2008.
"The market value increases are a little lower across the province than they have been in last couple of years and it is important to remember we are reflecting values as of Jan. 1, 2008, so this is a two-year-old snapshot of the real estate market," said McEvoy.
The overall market value of commercial properties in Truro is $383.4 million, up 5.5 per cent, surpassing the provincial average of four per cent.
Residential property values also rose throughout the county 9.6 per cent, reaching $2.127 billion, and commercial values were up slightly, about 1.2 per cent, increasing to $487.5 million.
Residential property values in Stewiacke are up 5.9 per cent to $65 million and commercial assessments are up two per cent, to $19.6 million.
The rate under the Cap Assessment Program (CAP), which is linked to the Nova Scotia Consumer Price Index, is set at zero this year. This means that, in most cases, capped assessments would remain the same as last year unless there were changes in ownership or additions to a property. About 377,000 property owners are included in the Cap Assessment Program.
Property owners who wish to appeal their assessments have until midnight Monday, Feb. 8 to submit the appeal form on the front of their assessment notice.
A toll free number, 1-800-380-7775, is in place to deal with any questions property owners may have about their assessments.