HRM Property Assessment Notices in the Mail

first_img More than 565,000 assessment notices are in the mail today, Jan.12 to Nova Scotia property owners. Provincially, the total valueof property assessments in Nova Scotia is up by five per cent to$52.7 billion. The total assessed value of residential propertiesis up by 6.1 per cent while commercial properties have increasedby 2.4 per cent. In the Halifax Regional Municipality, total residentialassessment values are up by 7.9 per cent to more than $16.8billion. Total commercial assessment increased by 3.1 per cent toalmost $6.6 billion. The 2004 property assessments are based onmarket value at Jan. 1, 2002. “A strong real estate market in HRM is the primary reason for theincrease. Market value is the most equitable and widely acceptedapproach to property assessment in North America. Every provincein Canada and more than 120 other countries around the world usemarket value as a standard for property assessment,” said LloydMacLellan, director of the Central Regional Assessment Office. “The market value is easily understood by most property owners.It is determined by the buyers and sellers of the real estatemarket. That makes it easy for property owners to test fairnessbecause they can compare their assessment to sales of similarproperties. It also means that the same appraisal standards andprinciples can be applied to all residential properties acrossNova Scotia,” said Mr. MacLellan. Each year the assessment services division reassesses allproperties within Nova Scotia to establish an estimate of fairmarket value. Factors used to determine assessments includeanalysis of sales and building permits, local market conditions,depreciation, renovations and new construction. The Values arethen tested for statistical validity using internationallyaccepted assessment standards. In response to feedback from Nova Scotia property owners, asssessment services has added a new service to its website. Residential property owners can now obtain detailed informationabout their property by entering a personal identification number(PIN) and their assessment account number (AAN) . The PIN and AAN are printed on individualassessment notices. “Not everyone has Internet access, so property owners can alsoget that information and answers to their assessment questions bycalling our toll-free number at 1-800-667-5727,” said Mr.MacLellan. Property owners who disagree with their assessment have theopportunity to appeal. “Property owners should ask themselves if their assessment is a reflection of market value,” said Mr.MacLellan. “If they don’t think it is, they may appeal.” All appeals must be filed no later than midnight, Feb. 2. Once anappeal is received, an assessor will review the propertyvaluation and then notify the property owner with the result ofthe review. SERVICE N.S./MUNICIPAL RELATIONS–HRM Property Assessment Noticesin the Maillast_img

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