Property assessments are going up across Nova Scotia, but on average, the rate of increase is lower than what businesses and homeowners received last January.
The value of all commercial and residential properties grew by $4 billion compared to $5.5 billion last year. Provincial assessment rolls now sit at $99 billion. Fifty-four municipalities use the provincial assessment figures to set their tax rates later in the year.
Owners of existing homes have had their assessments limited or "capped" to an increase of 0.9 per cent of last year's taxable assessment — that's lower than last year's cap of 1.4 per cent.
In some areas where the economy has been particularly depressed — such as Yarmouth — Kathy Gillis, the CEO of the Property Valuation Services Corp. says assessments for both commercial and residential property owners in the town of Yarmouth and Yarmouth County will generally be lower.
Homeowners in Halifax Regional Municipality will see their property market values go up between three and three and a half per cent compared to five per cent last year due to declining sale prices. That increase is due to declining resale prices.