In Nova Scotia there is Provincial Legislation that places a ‘cap’ on the amount that residential property assessments can increase year over year. Usually the amount ‘capped’ is based on the percentage change in Nova Scotia Consumer Price Index. If you are eligible for the CAP your property notice will reflect as such.
The provincial CAP legislation states that if you purchase a home and the property does not stay within your family (transferred to a spouse, child, grandchild, great grandchild, parent, grandparent, brother or sister) your property assessment will not be capped.
The CAP rate for 2013 is 1.4 %
Detailed information on the CAP Program
- Eligible At least 50% owned by a Nova Scotia resident
- Residential property with less than four dwelling units or vacant resource
- Annual increase in market value greater than the Nova Scotia Consumer Price Index
- Ownership remained within the family
- Owner occupied condominium
- Mobile home
- Mobile home park, co-operative housing, residential or resource portions of commercial farm
- Majority owned by an out of province resident
- Commercial property
- New construction
- Transfer in ownership during the year unless to a close family member
- Non-owner occupied condominium