In Nova Scotia real property is given an assessed value each year. The question is how do assessors arrive at that value, and why are properties given an assessed value?
What is a property assessment assessed value?
As mentioned above each year real property in Nova Scotia is given an assessed value. Properties are assessed at market value, which is the amount that you would likely receive for your property if purchased on the open market as of the "base date".
The "base date” is January 1st one year PRIOR to the date the assessment notice is mailed. For example, the base date for January 2019 assessments is January 1 2018.
How is a property valued in Nova Scotia?
Takes into consideration the real estate market as of the base date. The assessor will also consider the physical state of the exterior of the property. The assessor will compare your property with similar properties in the area which have been sold at arm’s length (i.e. not to family members) to determine the value of your property each year.
The "market value" of your home assumes that it would be the most probable price you would get in an arm’s length transaction for your property. Factors that influence the value are: location, size of the house, lot size, living area, age of the property (adjusted for any major renovations), and the quality of construction etc.
What is the property assessment used for?
In Nova Scotia, the assessment value of your property is used to determine the property taxes on your home - your municipal tax bill.
If you have any questions about this subject, you can call us at (902) 826-3070 or email us at email@example.com to set up a meeting with one of our lawyers at our Tantallon law firm. You can also schedule a no commitment Issue Review Consult for $100+HST where you have the opportunity to explain your situation to a lawyer and get basic advice before deciding whether or not you'd like to retain us.
By: Briana C. O’Grady J.D – Associate Lawyer
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