HALIFAX – The government of Nova Scotia says it will continue a cap on property assessment increases that was first implemented in 2005 after releasing a review that concluded the cap protects homeowners.
The cap, which is tied to the consumer price index, is intended to protect people from rapidly increasing property assessments and subsequent tax hikes on their homes.
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The government recently ordered a review seeking input from municipal councils and staff, homeowners and the Property Valuation Services Corp., which conducts property assessments in Nova Scotia.
Service Nova Scotia Minister John MacDonell says without protection, some families and seniors could suddenly find themselves unable to afford to stay in their own homes.
MacDonell says the cap puts an average of $117 a year back into the pockets of those benefiting from the program.
Since implementation, the program has grown to include 377,000 properties.
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