Property assessment base grows by billions throughout Nova Scotia

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Property assessment rates increase in Truro and area

UPDATED 4 P.M. 

TRURO – Assessment rates have again increased in Truro, Stewiacke and Colchester County.

New construction is said to be part of the reason property assessment rates have again increased throughout Colchester County. Pictured here is a new housing development on Alice Street. Sherry Martell – Truro Daily News

Lloyd MacLeod, senior commercial manager with Property Valuation Services Corporation (PVSC), based out of Halifax, confirmed with the Truro Daily News Monday afternoon that the residential assessment base in Colchester County increased by 3.3 per cent over last year while the commercial assessment base rose 1 per cent.

In Truro, the residential rate increased by 2.3 per cent while the commercial assessment value went up by 1.8 per cent.

Stewiacke’s residential rate jumped up nine per cent and increased 0.83 per cent for commercial assessment rates.

MacLeod said those increases are “the norm” and are “reflective to the market throughout the province.” The market, he said, “remains stable” overall.

“Stewiacke is up a little higher but there’s been (significant) new construction and it’s a smaller area,” said MacLeod. “And overall increases include new construction, not just the market” and are based on market values as of January, 2012 and the physical condition of a property as of Dec. 1, 2013.

Truro and Colchester Chamber of Commerce’s Alan Johnson said the statistics are a “good news bad news” situation.

“It’s keeping with the rate of inflation … and with population growth the region becomes more valuable for property, which tends to (lead to) increased assessments,” said Johnson, the chamber’s executive director.

“It’s a bitter pill for businesses to swallow. The higher the increases on the backs of businesses the harder they have to work to be competitive.”

Provincially, the property assessment base has grown by nearly $4 billion from 2013, as indicated in the PVSC news release. The total assessment roll across the province has grown to approximately $98.5 billion, which includes $76.4 billion in residential assessment and $22.1 billion in commercial assessment.

Locally, the residential market for the Town of Truro is worth $655 million; the town’s commercial market value is $533 million.

In Stewiacke, the residential market value is $85 million and the commercial value is $20 million.

And the county’s market value is $2.6 billion, residentially, and $513 million, commercially.

The Provincial Capped Assessment Program (CAP) rate, which is set by the annual increase in the Nova Scotia Consumer Price Index, is 0.9 per cent for 2014.

The 2014 appeal period is 31 days, Feb. 13. It must be faxed, mailed or delivered to a PVSC office. For more information, log onto the PVSC website at www.pvsc.ca

mchiasson@trurodaily.com

Twitter: tdnMonique

 

INFO BOX:

The following are estimated property assessment values for the past few years: 

2014

Colchester County:

Residential market: $2.6 billion – per cent change: 3.3

Commercial market: $513 million -  per cent change: 1

 

Truro:

Residential market: $655 million - per cent change: 2.3

Commerical market: $533 million - per cent change: 1.8

 

Stewiacke:

Residential market: $85 million - per cent change: 9

Commercial market: $20 million - per cent change: 0.83

 

2013

Colchester County:

Residential market: $2.5 billion – per cent change: 6

Commercial market: $508 million – per cent change .07

 

Truro:

Residential market: $641 million - per cent change: 2.8

Commercial market: $524 million - per cent change: 11

Stewiacke:                                                       

Residential market: $19.8 million - per cent change: 5.7

Commercial market: $20.2 million. - per cent change: 1.9

2012                                                                 

Colchester County:                                         

Residential market: $2.4 billion - per cent change: 6

Commercial market: $504.7 million - per cent change 1

Truro:                                                             

Residential market: $623.6 million - per cent change: 6

Commercial market: $472 million - per cent change: 16

Stewiacke:                                                       

Residential market: $74.7 million - per cent change: 6

Commercial market: $19.8 million. - per cent change: -2

2011                                                                 

Colchester County                                                 

Residential market: $2.2 billion - per cent change: 6 

Commercial market: $498 million - per cent change: 2

Truro:                                                              

Residential market: $590 million - per cent change: 5

Commercial market: $406 million - per cent change: 6

Stewiacke:                                                        

Residential market: $70 million - per cent change: 8

Commercial market: $20 million. - per cent change: 3

2010                                                                

Colchester County:                                         

Residential market: $2.1 billion - per cent change: 10

Commercial market: $487 million - per cent change: 1

Truro:                                                              

Residential market: $560 million - per cent change: 7

Commercial market: $383 million - per cent change: 6

Stewiacke:                                                       

Residential market: $65 million – per cent change: 6

Commercial market: $19.5 million - per cent change: 2

2009                                                                

Colchester County:                                         

Residential market: $1.9 billion - per cent change: 9

Commercial market: $481 million - per cent change: 3

Truro:                                                              

Residential market: $522 million - per cent change: 7

Commercial market: $363 million - per cent change: 6

Stewiacke:

Residential market: $61 million - per cent change: 18

Commercial market: $19.1 million - per cent change: 35

 

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Property Valuation Services Corporation (PVSC) announced on Monday morning that the property assessment base throughout Nova Scotia has grown by billions since last year.

The corporation mailed 600,000 property assessment notices to Nova Scotia property owners on Monday.

“Across Nova Scotia, the overall property assessment base has grown by nearly $4 billion from 2013. This can be attributed to market growth and new construction,” said Kathy Gillis, chief executive officer for PVSC, in a news release.

The total assessment roll across the province has grown to approximately $98.5 billion, which includes $76.4 billion in residential assessment and $22.1 billion in commercial assessment.

Property assessments are based on market values as of January, 2012 and the physical condition of a property as of Dec. 1, 2013.

The North West area of Nova Scotia includes all municipalities located within Colchester, Cumberland Annapolis, Kings and Hants counties.

“The total assessment for the North West is approximately $18.7 billion. The residential assessment base is $15.2 billion and the commercial assessment base is $3.5 billion,” said Tanis Seewald, area manager.

The Provincial Capped Assessment Program (CAP) rate, which is set by the annual increase in the Nova Scotia Consumer Price Index, is 0.9 per cent for 2014.

PVSC’s website (www.pvsc.ca) features assessment and sales information for all properties in Nova Scotia.

PVSC call centre representatives are available to answer questions at 1-800-380-7775.

The 2014 appeal period is 31 days. Property owners who wish to appeal their assessment have until midnight, February 13, 2014 to file an appeal. The appeal must be faxed, mailed or delivered to a PVSC office.

* More to come

Geographic location: Nova Scotia, Colchester, Hants North West

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Recent comments

  • Kevin
    January 14, 2014 - 07:57

    Property values drop while assessments increase and wages stay stagnant not a very welcoming or to stay in Nova Scotia formula. On top of that many essential food prices and energy costs rise significantly. Like many I constantly look for places to cut expenses as it is the only way to stay even.

  • dave
    January 13, 2014 - 11:34

    but didnt i just read the other day that housing sale prices had dropped about 3% locally over the last year?

  • bean counter
    January 13, 2014 - 10:35

    ahhhh....higher property assessments and taxes.....that will help Jamie Baillie's and the PC's vision for growing the economy and creating job opportunities to bring families back to Nova Scotia much easier......!