In addition to providing annual property assessments, PVSC administers the Capped Assessment Program (CAP) on behalf of the Nova Scotia Government. 

The Capped Assessment Program (CAP) places a ‘cap’ on the amount that the taxable assessment for eligible residential property can increase year over year. 

CAP Eligibility

CAP eligibility requirements are set by the Nova Scotia Assessment Act and cannot be amended by PVSC. Eligible properties are:

• At least 50% owned by a Nova Scotia resident.
• Residential property with less than four dwelling units or vacant resource property. For the CAP, residential properties include manufactured homes, manufactured home parks, cooperative housing, and the residential or resource portions of a commercial farm. 
• Occupied by the owner, if the property is a condominium.
• Owned for at least a year, or ownership remained within the family.

The CAP is removed for the year following the sale of a property, unless it was purchased from a family member (spouse, child, grandchild, great grandchild, parent, grandparent or sibling). If eligibility criteria are met, the calculation of the new owner’s CAP will begin the next year. 

For example: if a property was purchased in June of 2022 by a non-family member, the taxable assessed value of the property would be calculated without CAP in January of 2023. As a result, the new owner's taxable assessment could be higher than the previous owner's. In January of 2024, the new owner's assessment would be calculated with CAP, if all other eligibility criteria were met.

Commercial properties, new construction, non-owner-occupied condominiums, properties that have been purchased from a non-family member within the last year, and properties that are majority owned by out-of-province residents are not eligible for the CAP.

Capped Assessment Calculation

If your property is eligible for the program, a capped assessment will be calculated and your taxable assessment will be the lesser of the assessed value or the capped value. The capped assessment, if applicable, and taxable assessment will be indicated on your Property Assessment Notice.

Capped assessments are calculated by multiplying the assessed value of your property (from the first year it met the eligibility criteria) by the CAP rate for that year, and then adding the value of any new construction on the property.