AMHERST – Property values in Cumberland County are remaining flat.
Figures released by the Property Valuation Services Corporation indicate that both residential and commercial property values are not moving much across Cumberland County’s three municipalities as well as the former towns of Springhill and Parrsboro.
“Just like it across the province we’re finding residential and commercial property values in Cumberland County are still relatively flat,” Lloyd MacLeod of the PVSC told the Amherst News on Wednesday. “It’s consistent with what we’re seeing elsewhere.”
The figures, which came out earlier this week, indicate the total residential assessed value of Amherst’s residential properties in 2017 dropped by 1.39 per cent to $423.6 million ($429.5 million in 2016) while commercial property values were down slightly by 0.71 per cent to $190.3 million ($191.7 million).
All assessments in Nova Scotia are based on a property’s current use and the latest assessments are based on real estate market value as of Jan. 1, 2017 and a property’s physical condition on Dec. 1, 2017
In the Municipality of Cumberland (including both Springhill and Parrsboro) total residential assessed property values dropped by 0.06 per cent to $1.91 billion from $1.942 billion while commercial property values decreased by 1.08 per cent to $341.6 million from $345.3 million.
In Springhill, residential property values dropped 1.72 per cent with commercial property values going down by 2.76 per cent. In Parrsboro, residential property values were down 0.18 per cent with commercial properties going down by 0.40 per cent.
Oxford bucked the trend on the residential side with its overall residential property values going up by 0.23 per cent to $49.6 million from $49.5 million. Its commercial property values dropped by 1.79 per cent to $41.3 million from $42.07 million the previous year.
Carlos Resendes, vice-president of business and innovation for the PVSC, said there has only been minimal growth in Nova Scotia in recent years – something that factors greatly in assessed property values.
“The residential market has had minimal growth across the province. Some neighbourhoods continue to have stronger market sales than others, and others areas – like Middle Sackville and Bedford West – have an increase in new construction starts,” Resendes said in a news release.
He said there are increased vacancies in both new and existing commercial buildings.
Municipalities calculate property taxes based on a property’s assessed values, which reflects either a property’s assessed value or capped assessment, whichever is the lowest.
The Capped Assessment Program rate is based on the province’s Consumer Price Index as published in November 2017. For 2018 assessment, the CAP rate is 0.9 per cent.
Property owners can view details about their property assessment by visiting www.pvsc.ca .
PVSC representatives and assessors are available to answer questions or discuss an assessment at 1-800-380-7775 from 8:30 a.m. to 5:30 p.m. Monday to Friday.
Property owners wishing to appeal their assessment have until midnight Feb. 15.