Property owners in Nova Scotia are encouraged to take advantage of the preliminary consultation process
The Nova Scotia Property Valuation Service Corporation (PVSC) has published the preliminary values that it intends to use for next year’s assessment cycle. Although the preliminary values are subject to change, this is an opportunity to review next year’s proposed assessment valuation for budgeting purposes. This is also an opportunity to bring forward issues that may reduce the assessed value of your property. In some instances, PVSC is open to discussion and addressing valuation issues before the assessment for your property is officially published in January 2019.
Issues to consider:
- Some asset classes such as hotels are forecasted to increase substantially while other assets such as office and industrial are expected to remain flat or decrease slightly
- Regardless of the value change over last year, there may be variables such as chronic vacancy, external market factors, or physical attributes of the property that warrant a further reduction of the assessed value
What should property owners do?
- Review property details *note that 2019 property assessments reflect the physical state of the property as of Dec 1, 2018 and is subject to change
- If there are issues with the property assessment, raise them sooner rather than later
Historically, Altus has achieved much better results raising issues with individual assessors over the preliminary review period. There is significantly more resistance at the formal appeal process after values are officially published.
The preliminary consultation process is an opportune time to manage your property taxes for the upcoming year. If a settlement is unable to be achieved during this period, the assessment can be appealed once it is published.
Property owners can view their assessment at www.pvsc.ca using the property search feature or individual My Property Report tool.
If you have any questions or concerns, please reach out to one of our local Property Tax Experts.