Property assessments increase significantly in Nova Scotia for the second year in a row

Homeowners in Nova Scotia are about to find out how much their property values have gone up.

Property Valuation Services Corp. sent assessments in the mail on Monday. For the second straight year, value assessments have increased significantly at nearly 18 per cent overall.

“It's a continuing trend from what we saw from the market in 2021 and moving into 2022,” says Jeff Caddell, assistant director of operations.

Caddell says the real estate supply in the housing market was low, but demand was quite strong last year.

“Even though we started to see some down turn in the market towards the end of 2022, the increases we've seen over the first part of the year are really what resulted in the values in the notices we're seeing this year,” says Caddell.

The increase means most property owners will probably pay more in property taxes in 2024.

Municipalities set tax rates using the assess property values.

“Sticker shock is a good way of putting it. I expect the phone to start ringing and folks disputing their assessments,” says Cyril MacDonald, Cape Breton Regional Municipality councillor.

MacDonald says he's been advocating to have the provincial cap removed in favour of a system to make taxation fair for everyone.

“If you look at the cap assessment map, my neighbours are paying far less than I’m paying with similar houses. But they’re capped and I’m not,” says MacDonald.

Real Estate agent Jessie Chisholm in Sydney, N.S. says first time home buyers could be affected by rising assessment values.

“A new buyer coming into the market, usually what happens is, when they purchase a property, their home will be reassessed at their purchase value,” says Chisholm.

For more Nova Scotia news visit our dedicated provincial page.