Residential property assessment values increased by 9.5 per cent in Queens County over last year. (Rick Conrad photo)

Nova Scotians should start getting their 2025 property assessments in the mail this week.

Annual notices were being mailed out on Monday, according to the Property Valuation Services Corporation.

It appears assessed house values have cooled a bit from the year before. Overall, total residential assessments in Nova Scotia increased by just over 11 per cent, or $16.1 billion. The value of residential properties in Queens County rose by 9.5 per cent, or $189.3 million.

2024 residential assessments rose by 25 per cent in Queens County, and by 19.6 per cent in Nova Scotia as a whole.

Overall, Nova Scotia commercial property assessments rose by 2.79 per cent, compared to 9.32 per cent the year before.

The independent, non-profit body says 2025 assessments are based on sales and financial data and reflect a market value as of Jan. 1, 2024, and the physical state of properties as of Dec. 1, 2024, including new construction, renovations, demolitions, and impacts from natural disasters.

Municipalities received the assessment roll for their region in mid-December.

Jeff Caddell, director of valuation standards for the Property Valuation Services Corporation, told QCCR on Monday that the residential market cooled in 2023 after the Covid boom, but then rebounded later in the year.

“There was still lots of demand for properties, and a lower supply of properties on the market than we had in previous years. And we saw interest rates starting to creep up in 2023 before stabilizing in the later half of 2023.”

Caddell said they’re beginning to analyze sales data from 2024 now, so it’s too early to know whether there’s any kind of trend.

“We’re monitoring those sales coming in now. It’s hard to say what the trend will be going through 2024.”

This year’s rate for the Capped Assessment Program is 1.5 per cent, the Consumer Price Index for Nova Scotia.

The CAP limits the annual increase in taxable assessment for eligible properties to no more than the annual inflation rate. About two-thirds of residential properties qualify for the CAP in 2025.

People are getting their assessment notices, just as the Nova Scotia government approved changes to limit the capped assessment value of homes rebuilt after the wildfires in 2023.

Premier Tim Houston announced in a news release Friday that people who have rebuilt homes destroyed in the wildfires in Halifax and Shelburne counties won’t see an increase in their capped assessment.

Caddell says assessors are happy to answer people’s questions about their property. 

“There’s lots of property owners that contact us each year and it’s a great opportunity to engage with the property owner and talk about the market in their area, talk about their property specifically. If we can help somebody better understand the process, then we’re pleased with that.”

Residential and commercial property owners have until Feb. 13 to appeal their assessments. 

Email: rickconradqccr@gmail.com

Listen to the audio version of this story below

Region of Queens councillors Jack Fancy, David Brown and Vicki Amirault in a file photo. (Rick Conrad)

The Region of Queens plans to increase the income threshold for people eligible for the low-income property tax exemption.

As part of budget discussions on Tuesday, District 6 Coun. David Brown asked council to consider increasing the income brackets for those eligible for the tax break.

“We know there’s been a lot of inflation this year and the consumer price index went up 3.4 per cent,” Brown said.

“We end up with bracket creep. I know some people are getting small raises in their pensions, small raises in the EI rate, and minimum wage that could price them out of that benefit. So we could be clawing back what little benefit they gained out of inflation.”

Property owners with a household income of $20,000 a year or less are eligible for a maximum $400 tax exemption. Those who make between $20,000 and $25,000 get up to $350, and those making between $25,000 and $30,000 get as much as a $300 break.

The revised income amounts would add $5,000 to each of those brackets. So the lowest income bracket would now be up to $25,000, and then $25,001 to $30,000 and $30,001 to $35,000. The tax exemption amounts would not change.

Brown originally wanted council to increase the income brackets by the same rate as inflation. That would have added about $680 to the lowest income group and about $1,000 to the highest.

But District 3 Coun. Maddie Charlton said council should increase the top bracket by $5,000. She said the Municipality of the District of Lunenburg recently changed its low-income tax exemption to give people a 14 per cent boost in savings on their property taxes.

“I think upping that to the $35,000 is more than reasonable and helps those who need it the most,” Charlton said.

Council decided to increase each income category by $5,000.

“We’re talking about the lowest (paid) and the poorest in our society who need the most help from us,” Brown said. “And it’s a small amount of money to be able to help those who need it the most. I think it’s something we should do.”

The region originally set aside $125,000 for the low-income tax exemption in their 2024/25 budget. CAO Cody Joudry said staff would add another $10,000 for it in the budget. 

The increase will be funded from the municipality’s accumulated surplus special operating reserve fund, which sits at just over $10 million.

Council is holding a special meeting on Monday at 9 a.m. at the region’s offices to vote on the final budget.

Email: rickconradqccr@gmail.com

Listen to the audio version of this story below