Assessments continue to climb

Darrell
Darrell Cole
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AMHERST - Property assessments in Cumberland County are up again this year, but the increase is beginning to slow.
As Nova Scotia property owners begin receiving their 2010 property assessment notices, figures from the Property Valuation Services Corporation show that overall market value of residential properties is up 5.1 per cent over last year while commercial properties are up 3.9 per cent.
Overall assessment in Amherst is up 4.8 per cent.
"Across the province the increase is a little lower than last year, but there continues to be an increase," corporation spokesperson Joe McEvoy said Wednesday. "The market value is a reflection of what's happening in the real estate industry and it's a reflection of what's happening with real estate sales."
McEvoy said it's important to understand the valuation is based on a snapshot of the market at a particular point in time - Jan. 1, 2008. While real estate sales were starting to slow at that time, McEvoy said they hadn't felt the full impact of the recession.
The assessed market value of residential properties in Amherst rose this year to $354 million from $336.6 million last year, but the capped value - which the town will use to set the tax rate - is $313.8 million.
The assessed value of commercial properties is $173.7 million compared to $167.1 million last year.
Property values are up throughtout the county with Parrsboro seeing a jump of 8.4 per cent in residential assessment, the Municipality of Cumberland's assessment increasing by 7.6 per cent, Springhill seeing an increase of 4.1 per cent and Oxford's going up 0.2 per cent
On the commercial side, Oxford's assessment jumped by 24.7 per cent while both Springhill and Parrsboro went up 1.3 per cent. Cumberland County's went up 0.7 per cent.
In the northern region - that includes Cumberland, Colchester and Pictou counties and the district of East Hants - the market value of residential property assessments is nearly $8.4 billion - an increase of 7.9 per cent over 2009. Commercial property assessments totaled almost $2.4 billion, an increase of 4.1 per cent.
Provincially, the assessed value of residential properties is up seven per cent to nearly $61 billion while commercial assessments are up four per cent to $18.6 billion.
The rate under the Cap Assessment Program, which is linked to the Nova Scotia Consumer Price Index, is set at zero this year. This means, in most cases, capped assessments would remain the same as last year unless there were changes in ownership or additions to a property. About 377,000 property owners are included in this program.
People with questions about their assessment can call 1-800-380-7775. Property owners may appeal assessments by filling out the appeal form on the front of their assessment notice. Appeals must be received no later than midnight on Monday, Feb. 5.
dcole@amherstdaily.com

Organizations: Property Valuation Services

Geographic location: AMHERST, Cumberland County, Nova Scotia Oxford Colchester Pictou East Hants

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Recent comments

  • miffed
    February 24, 2010 - 23:46

    Try selling your place in Springhill even for last years assessed value it's not going to happen you do lucky to get 3/4 the amount the place is assessed for. Look at the real market value folks get real Springhillers are ripped off enough already.

  • sparky00
    February 24, 2010 - 23:46

    Nice to see the increase. Hmmmm, I wonder how many people got raises so that they can afford to pay for this?

  • Robert
    February 24, 2010 - 23:45

    SHENANIGANS: a mischievous or deceitful trick, practice, etc.

    According the Canadian Real Estate Association the average home price in Canada to the end of September 2009 rose by 2.1%.

    Joe McEvoy said Wednesday. The market value is a reflection of what's happening in the real estate industry and it's a reflection of what's happening with real estate sales. McEvoy said it's important to understand the valuation is based on a snapshot of the market at a particular point in time - Jan. 1, 2008. While real estate sales were starting to slow at that time, McEvoy said they hadn't felt the full impact of the recession.

    hmmm, I wonder if next years assessment will refelct the full impact of the recession...something tells me it's likely to go up again and it will be like the global financial crisis had no impact at all here in Nova Scotia.

  • Greg
    February 24, 2010 - 23:45

    Of course it wil Rob. There's always an excuse! Next year, when it goes up and people complain, the reason given will be along the lines of Well, we're out of the recession now, so everyone can afford to take an increase

    Either that, or that's when they'll decide the cap has to come off!

  • Realistic
    February 24, 2010 - 23:45

    Everybody needs to be very wary about this 'cap' hocus pocus. What will happen when they do away with it or change the cap amount? A huge increase in your assessment and tax bill, that's what. It's a silly numbers game that is gradually pulling wool over peoples eyes. If your market value is climbing by double digit percentages yearly, appeal it or get stuck when they change the cap.