How We Assess Property
The Nova Scotia Assessment Act requires PVSC to assess property at market value, and we use a process called mass appraisal to determine the value of over 645,000 property accounts every year.
We base property assessments on market evidence, not predictions. We analyze sales data and financial information as well as a variety of property characteristics to determine a property’s value.
Your 2024 property assessment reflects:
- The market value of your property on January 1, 2023, based on market sales and information.
- The characteristics and physical condition of your property on December 1, 2023.
Nova Scotia municipalities use property assessments to calculate municipal property taxes. Property taxes make up about 80% of most municipalities’ revenues, and fund services like garbage collection, sewage treatment, fire and police protections, parks, and other important community programs.
Market value is the price a property would be expected to sell for on a given date in a competitive, open market with a willing buyer and a willing seller.
Every province in Canada assesses property at market value. It is widely accepted as the most transparent method of assessment.
Every province in Canada assesses property at market value. It is widely accepted as the most transparent method of assessment.