More than 300,000 Nova Scotia property owners will have a chance to review their proposed 2007 assessments, now that notices are in the mail. The proposed notices were sent to owners of properties whose assessments are expected to increase by more than three per cent in 2007, and are based on Jan. 1, 2005 market value. Proposed notices allow property owners to make inquiries about their proposed assessment before the formal assessment notice is sent in January. In the southern region, which includes Yarmouth, Shelburne, Queens and Lunenburg counties, the total proposed combined value of 2007 commercial and residential property assessments is almost $8 billion, up almost 6.9 per cent from 2006. Residential proposed assessments in the south are showing a total increase of 8.3 per cent, while commercial proposed assessments are up 2.1 per cent. 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. Assessments also change when renovations or additions are done to a property. All properties in Nova Scotia are assessed at market value. Nova Scotia property owners can check their 2007 proposed assessment online by going to www.nsassessment.ca and clicking on online property assessment information. “Sending Nova Scotia property owners their proposed assessment in June, means that they can talk to us and get information about their property assessment before the formal assessment notice is sent in January,” said Jeff Caddell, acting regional director for the southern regional assessment office. “This year, the information will also help property owners decide if they will apply for the 2007 CAP Assessment Program.” The CAP Assessment Program is designed to help protect property owners from sudden and dramatic increases in market value by placing a limit or “cap” on the amount of taxable assessment increase on eligible properties. Property owners who qualified for the program in the past need not reapply. Applications are available online at www.nsassessment.ca/cap , by calling 1-800-667-5727 or at any local assessment office, municipal tax office, Access Nova Scotia Centre or registry of deeds. “We encourage property owners to call us or visit our website if they have any questions about their preliminary assessment or need further information about the CAP Program,” he added.
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- Southern Region Preliminary Assessment Notices Sent