A Truly Valued Nova Scotia Town of Yarmouth March 11, 2010

A Truly Valued Nova Scotia Agenda 1.PVSC 2.Legislative Mandate 3.Mission/Vision/Goals 4.How Property is Valued 5.Provincial/Municipal Profile 6.Summary

A Truly Valued Nova Scotia PVSC History Property Valuation Services Corporation: Launched on April 1, 2008 Not-for-profit entity The corporation falls under the direction of a Board of Directors who are Municipally elected (UNSM) or are members of the Association of Municipal Administrators. (AMA). The Deputy Minister of SNSMR also sits on the Board.

A Truly Valued Nova Scotia PVSC BOARD Chair - Carroll Publicover - Town of Bridgewater Vice Chair - Daren Bruckschwaiger - CBRM Kevin Malloy - SNSMR Ken Simpson - UNSM Mervin Hartlen - Region of Queens Gloria McCluskey - HRM Billy Joe MacLean - Town of Port Hawkesbury Jimmy MacAlpine - Municipality of Digby Cathie O’Toole - HRM Roy Brideau - Town of Wolfville Sandy Hudson - Municipality of Victoria

A Truly Valued Nova Scotia PVSC The Board directs the PVSC by: Establishing long-term strategic plan Creating multi-year capital and operational budgets Appointing a CEO Representing the interests of the PVSC Encouraging partnership opportunities with stakeholders and others

A Truly Valued Nova Scotia Mission/Vision PVSC Mission We provide market valuation and other property related services to municipalities, clients and the Province of Nova Scotia PVSC Vision Our clients and partners recognize us as the best provider of market valuation and property related services

A Truly Valued Nova Scotia Goals Best Product and Quality Service Deliver best value for the money Improve access to Information Build a high performance culture Improve and expand products and services Implement best practice governance

A Truly Valued Nova Scotia Legislation Assessment Act – Chapter 23 Revised Statutes of Nova Scotia, 1989 Property Valuation Services Corporation Act Chapter 19 of the Acts of 2006 Available online:

A Truly Valued Nova Scotia Legislation Cont’d All Real Property in Nova Scotia must be assessed. In 2010 the base date for valuation is January 1, Municipal units (55) receive an assessment roll each year. Assessed owners are provided a Notice of Assessment each year. Market value can be appealed.

A Truly Valued Nova Scotia Legislation Cont’d Assessable Property s. 2 Taxable / Exempt s. 4 & 5 Classification of Property s. 26 Valuation s. 42 Appeals Provision (RAAC, URB, Supreme Court) s. 62, 86, 94

A Truly Valued Nova Scotia PVSC We are working to increase awareness and education of PVSC though our PVSC, Municipal and Public websites: PVSC: Municipal: Public: Our web site has a direct link to all Municipal web sites and 23 municipalities currently display a link to the PVSC site.

A Truly Valued Nova Scotia PVSC This is the second year that the Notice of Assessment is being delivered by the PVSC. Some improvements to the notice from last year are: The front page shows the amount on which the property owner is taxed, i.e. either the market or CAP value. The Notice of Appeal form is now on the front. The PIN provides additional information. The back of the Notice now includes market value for the past 5 years for each property where available.

A Truly Valued Nova Scotia PVSC Two new information brochures: A Guide to Property Assessment in NS An informative overview of PVSC: who we are how property assessments are done Appeal Brochure A detailed description of the appeal process to inform and assist the public throughout the appeal process. All appellants will be mailed a copy of this brochure.

A Truly Valued Nova Scotia How property is valued Land Registry Office (assigns Assessment Number) Valuation of Land (Market) Building Permit Inspection – Data Collection Valuation of Improvement (Cost)

A Truly Valued Nova Scotia Key Terms Market Value Mass Appraisal Base Date State Date

A Truly Valued Nova Scotia Market Value Most probable price Reasonable exposure Willing buyer, willing seller Arm’s-length transaction

A Truly Valued Nova Scotia Mass Appraisal Sales within time frames Reliance on statistical information Standardized Cost Tables- Marshall Swift Universal application of methodology Past sales (base date)

A Truly Valued Nova Scotia The Base Date is.. The date of valuation: Base Date The Base Date for the 2010 roll is January 1, 2008 July ‘07Jan. ‘08June ‘08

A Truly Valued Nova Scotia The State Date is.. The date used to determine the physical state of the property to be used to file the assessment roll December 1 st of the previous year The State Date for roll 2010 is December 1, 2009

A Truly Valued Nova Scotia Valuation Process Market Areas Review Sales within Base Date Qualify Sales for Analysis Vacant and Improved

A Truly Valued Nova Scotia Valuation Summary Establish Land Rates Building Values (RCN, RCNLD) (Replacement Cost New, Less Depreciation) Assessment to Sale Ratio Analysis by Area Establish Market Adjustments Apply Market Adjustments by Market Area

A Truly Valued Nova Scotia 2010 Assessment Roll Approximately 585,000 notices were mailed January 18 th (2,888 in the Town of Yarmouth) Provincially the total real property roll is $79.6 B and includes all Residential and Commercial property. The BOA roll has been eliminated with the exception of banks and or financial institutions. (all BOA will be eliminated for 2013). The appeal period ended midnight February 8th, The call centre started January 18 th ( ).

A Truly Valued Nova Scotia 2010 Assessment Roll CAP Program 2010 CAP at zero per cent. In most cases, assessments on these properties will not be more than last year. Properties not in CAP receive market value assessment

A Truly Valued Nova Scotia Provincial Totals Change Residential w/ CAP $57,222,607,800 $52,101,466,700 $60,982,707,300 $54,057,066, % 3.8% Commercial$17,980,074,400$18,608,188,6003.5% RP Total w/CAP $75,202,682,200 $70,081,541,100 $79,590,895,900 $72,665,255,100 6% 3.7% Business Occupancy $852,157,400$223,306,700-74%

A Truly Valued Nova Scotia Town of Yarmouth Change Residential w/ CAP $280,912,400 $265,525,200 $283,325,600 $269,037, % 1.3% Commercial$319,808,900$318,441, % Total w/CAP $600,721,300 $585,334,100 $601,767,500 $587,478, % 0.4% Business Occupancy $12,093,500$3,384, %

A Truly Valued Nova Scotia CAP ProvincialTown of YarmouthReceiving CAP 2010: 377, : 1, : 360, : 1,630CAP Impact 2010: $6.9B2010: $14.3 M 2009: $5.1B2009: $15.4 M

A Truly Valued Nova Scotia Provincial Summary The real estate market remains good, overall it is up by 6 per cent with residential up 6.5 per cent and commercial up 3.5 per cent. The CAP is set at zero and affects 377,000 properties. In most cases, assessments on these properties would not be more than last year. Business occupancy assessments have been phased out with the exception of banks and/or financial institutions.

A Truly Valued Nova Scotia Municipal Summary The real estate market remains stable, overall it is up by 0.2 per cent with residential up 0.8 per cent and commercial down slightly -0.4 per cent. The CAP is set at zero and affects 1,637 properties. In most cases, assessments on these properties would not be more than last year.

A Truly Valued Nova Scotia Thank You Questions? Phone: Website: