HRM sees largest growth in 2013 property assessments
Posted Jan 14, 2013 02:52:49 PM.
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The Nova Scotia property assessment values for 2012 have been released.
The Property Valuation Services Corporation (PVSC) says the overall property assessment base for Nova Scotia has grown by $5.5 billion, across the province, since 2012.
PVSC’s CEO Kathy Gillis says for this year, property assessment for the province totals approximately $95 billion.
“The residential assessment base went from $34.2 billion to $36.7 billion, and the commercial assessment base went from $11.2 billion to $11.8 billion,” explains Gillis.
She says HRM saw the highest growth across the province, noting a $3 billion increase since 2012.
“What were seeing in terms of the growth in HRM, can really be attributed to the ongoing development we’re seeing here, and that’s expanding the assessment base,” says Gillis.
Meanwhile, Kevin Lacey, the Atlantic Director for the Canadian Taxpayers Federation (CTF) says this means people are going to pay more on property taxes unless the city steps up and changes the tax rates.
He says the CTF is demanding some changes.
“The municipal governments control both the tax rates, and they control the assessments that are done on your property so, it’s really a double whammy against tax payers, because you’re facing the government on both sides of the taxation equation,” says Lacey.
He says small businesses are going to take the biggest hit, and that the city has to adopt some of the changes that are currently being considered by the HRM finance committee.
Those changes would see either the amount you pay drawn out over a certain amount of time, or the rate will actually be reduced to ensure businesses are protected.
