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By Altus Group | October 6, 2020

The preliminary consultation process is an opportune time to manage your property taxes for the upcoming year

This year, the Nova Scotia Property Valuation Service Corporation (PVSC) has published 2021 preliminary values for a select few commercial and residential properties that it intends to use for next year’s assessment cycle.

In order to retrieve the 2021 preliminary values, taxpayers are able to get their assessment calculation and valuation by imputing the account number and the PIN Number on their 2020 assessment notice using the link below:

https://www.pvsc.ca/en/home/default.aspx

Altus Group has been busy sourcing 2021 values for our clients and are seeing the following value trends for each of these asset types over 2020 assessed values based on a limited sample:

Sourced values: Hospitality +3%, Multi-residential +7%, Office +1.5%, Industrial +13%, Retail +2%Source: Altus Group

Issues to consider:

  • The above value trends are significant given current market conditions, however, we must note that the 2021 assessments in Nova Scotia is based on an effective date of January 1st, 2020 before the effects of COVID-19 on the commercial real estate market were known
  • We are surprised that industrial values are increasing substantially, most likely due to sale transaction activity that has occurred prior to the effective date (January 1st, 2020) of the valuation. This asset class should be reviewed to ensure that 2021 preliminary assessments are not overstated
  • Although some of the value trends for other asset classes appear nominal, a few of these asset types are under significant strain as of the base date and may not warrant any increase at all, in some cases, a value decrease may be in order for 2021

What should property owners do?

  • 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
  • If there are issues with your assessment, it is better to raise them sooner rather than later

How can Altus help?

We have considerable experience with this process and are able to raise any issues with assessors and work to achieve a settlement. If we are unable achieve a settlement during this period, we can appeal the assessment once it is published.

If you have any questions or concerns, please connect with one of our experts.

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