The Nova Scotia property cap refers to a cap on annual property assessment increases for residential properties.
This cap was introduced to protect homeowners from rapidly rising property assessments and the corresponding increase in property taxes.
Here are the key points you should know:
1. Cap Percentage: The cap limits the annual increase in a property’s assessed value to the Consumer Price Index (CPI) percentage or a fixed amount, whichever is lower.
2. Eligibility: The cap applies only to owner-occupied residential properties. Investment properties, vacant land, and newly constructed homes are not eligible.
3. Ownership Changes: When a property changes ownership, the cap is removed, and the property is reassessed at its market value.
4. Intent: The cap aims to prevent long-term homeowners from being priced out of their homes due to rising real estate values in certain areas, especially in urban centers like Halifax.
Understanding how the cap applies to your property is important for long-term financial planning, particularly if you’re considering buying or selling property in Nova Scotia.
As always, reach out if you have any questions about buying, selling or investing in Halifax. We are always happy to help guide you every step of the way.
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