In Nova Scotia the Assessment Act requires that the assessment authority assess the market value of all assessable properties on an annual basis. The assessed value of a property for the 2025 tax year is the estimated market value of the property as at January 1, 2023 (the base date), reflecting the state of the property at December 1, 2024 (the state date). The value used for property tax calculations may be less than the assessed market value if the property is included in the Capped Assessment Program (CAP). This value is called the 'capped' value. An arms length sale of a property included in the CAP program results in the removal of the CAP in the next property taxation year.
The tax expense for the property is estimated using the current market assessment (not the capped value) multiplied by the general tax rates for the municipality. Some properties and areas are subject to additional area-specific taxes and betterment charges. We are only able to estimate the taxes the new owner would pay as the municipalities do not provide us with detailed tax rate information.