General Assessment Questions
Q. What is a property assessment?
A. A property assessment is an estimate of a property's market value as of a specific date.
Q. How are assessments calculated?
A. Unlike property appraisals which are done on individual properties, assessments are calculated using a mass appraisal approach. The PVSC has a database in which a record is kept of the characteristics of every assessable property in the province. This information gets updated through various means: building permits, property inspections and sales reviews. We also analyze sales of properties and run a statistical analysis to determine what different types of properties are selling for in different areas. Then we apply that information to properties with similar characteristics to determine their market value as of a specific date in time.
Q. Do you assess my property every year?
A. Yes. Your property is assessed every year as of a certain date. Annual assessments enable the PVSC to update assessment values to reflect more current market trends and to more accurately account for changing real estate market conditions.
Q. Why are assessment values based on dates two years back? Why not base them on this year's market value?
A. Unlike property appraisals which are done one at a time and based on the market on the exact date of the appraisal, property assessments are done on a mass appraisal basis. We want to make sure that every property owner in Nova Scotia is treated equitably, so all property assessments are based on the same date. It takes time to collect data on properties, review property sales and analyze and interpret that information for every property in Nova Scotia. Therefore we base all property assessments on market value at the 1st of January two years before the current assessment year. 2009 property assessments are based on market value of January 1, 2007.
Q. What information can I have access to?
A. Property Valuation Services Corporation has a database that contains detailed information on every property in the province. Typical information we have on a residential property would include the size of the land, the building’s age and measurements, bathrooms, quality of materials used, and any unique qualities your property or house has that may affect its market value. All of this information is available to the owners of the property. The 2009 assessment notices for residential properties include a Personal Identification Number (PIN) along with the Assessment Number. By entering this information at Property Assessment Online you can look up assessment information about your property.
Q. I have heard that Assessment Services has a new governance model, how will this effect my assessment?
A. Legislation was passed in the fall 2006 enabling us to change from a provincial government division to a municipally-controlled, not-for-profit corporation: the Property Valuation Services Corporation (PVSC), in April 2008. This transition is a milestone along a continuum of improved customer service. The new flexible structure will enable us to continue providing accurate, defendable assessments, but will also, in time, allow us to offer new products and services.
Q. How is my property assessment different from an appraisal?
A. A property assessment is an estimate of a property's market value as of a specific date. The 2009 assessment is an estimate of your property's market value at January 1, 2007. If you were to get an appraisal for your property today, it would be an estimate of your property's market value as of today's date.
Q. How do you get your data?
A. Property Valuation Services Corporation (PVSC) has a database in which a record is kept of the characteristics of every assessable property in the province. Typical information we have on a residential property includes the size of the land, the building’s age and measurements, bathrooms, quality of materials used, and any unique qualities your property or house has that may affect its market value. We get this data through various means, including building permits, property inspections and sales reviews. For example, if your property is under construction, a physical inspection is done to ensure that we have the most up-to-date information.
Q. Why do you assess properties at market value?
A. According to the Nova Scotia Assessment Act, all properties must be assessed at market value. The market value approach to assessment is the most equitable and widely accepted system in North America. Every province in Canada uses this approach, as do most assessment jurisdictions in the United States and most other countries. Market value is widely accepted for the following reasons:
- It is easily understood by most property owners
- It is a transparent process, allowing property owners to test fairness by comparing their assessment to sales of similar properties.
- Market value allows the same appraisal standards and principles to be applied to all residential properties across Nova Scotia.
Q. How do I find out more information about assessments?
A. Information about your assessment is available on our website at Property Assessment Online. You should have your Personal Identification Number (PIN) along with the Assessment Number from your assessment notice available to access your information. If you have other questions or wish to obtain more information about your property assessment, please contact the PVSC at 1-800 380-7775. Our staff will be happy to assist you.
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PVSC Information Line
1-800-380-7775