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Property assessments likely to continue to rise, says local expert

Nova Scotians can expect property assessments to continue to climb in the province in the coming years according to a local mortgage expert, but there is a silver lining
mortgage

Nova Scotians can expect property assessments to continue to climb in the province in the coming years according to a local mortgage expert, but there is a silver lining.

Clinton Wilkins made the comments after it was revealed residential property assessments are up almost 11 per cent in the province.

Wilkins said the assessments usually lag behind several years giving homeowners a chance to prepare for the increase in their property tax bill.

He says it's important borrowers recognize they will likely be in a shortfall position.

"You can do a lump sum payment into that tax account to basically bring it to zero and cover the shortfall, but the lender is still going to increase your payment to take into account the increase in that tax bill," Wilkins said. 

If the lump sum payment is not made, the lender will collect the shortfall and borrowers will see a significant increase in their portion of their mortgage payment, Wilkins added.

He said problems arise when people forget about the property tax  if it goes unpaid.




Shelli Summers

About the Author: Shelli Summers

Shelli Summers is the co-anchor of City News 957's Morning News, weekdays from 6-10 a.m. with Dan Ahlstrand.
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