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Date Entered: 01/29/2024
Subject: NS Property Assessments 2024 - Unveiling the Real Story
Attachment: 121.pdf (Original file name: January 2024 Property Tax Press Release.pdf)

Halifax, January 22, 2024 – As property owners in Nova Scotia review their 2024 Property Assessment Notices, questions arise about the true impact of these assessments on commercial properties.

The Property Valuation Services Corporation (PVSC), Nova Scotia's independent assessment authority, reports an approximate 17.7% increase province-wide. There is more to the situation, and its impact on taxpayers. As noted by Giselle Kakamousias, Vice President of Property Tax at Turner Drake & Partners Ltd. this 2024 change layers another increase on top of 2023's 18% surge, and 2022's 8.8% rise. These increases are particularly troublesome for owners, the current state of the Canadian economy; the multi-residential rental cap; 20-year highs in interest rates, and escalating costs of labour and building materials.