The Nova Scotia Assessment Act states that all properties in Nova Scotia must be assessed at market value. This approach is considered the most equitable and widely accepted system in North America and throughout the world. All provinces in Canada use this approach.
- is the most probable price, not the highest, lowest or average price
- is expressed in terms of money
- implies a reasonable exposure time to the market
- assumes an “arm’s length” transaction in the open market, which is assuming a willing buyer and a willing seller with no advantage being taken by either buyer or seller.
Factors that may influence market value:
- dwelling size
- lot size
- living area
- age of the property, adjusted for any major renovations or additions
- quality of construction
Other features that may influence market value include: number of bathrooms, fireplaces, garages, pools, whether properties have water frontage, and so on.