Town of Yarmouth March 11, 2010

A Truly Valued Nova Scotia

Town of Yarmouth March 11, 2010


Agenda

1. PVSC

2. Legislative Mandate

3. Mission/Vision/Goals

4. How Property is Valued

5. Provincial/Municipal Profile

6. Summary


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.


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


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


Mission/Vision

PVSC MissionWe provide market valuation and other property related services to municipalities, clients and the Province of Nova Scotia

PVSC VisionOur clients and partners recognize us as the best provider of market valuation and property related services


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


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:http://www.gov.ns.ca/legislature/legc/statutes/assess.htm


Legislation Cont’d

• All Real Property in Nova Scotia must be assessed.

• In 2010 the base date for valuation is January 1, 2008.

• Municipal units (55) receive an assessment roll each year.

• Assessed owners are provided a Notice of Assessment each year.

• Market value can be appealed.


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


PVSC

We are working to increase awareness and education of PVSC though our PVSC, Municipal and Public websites:

PVSC: www.pvsc.ca

Municipal: http://municipal.nsassessmentonline.ca

Public: www.nsassessmentonline.ca

Our web site has a direct link to all Municipal web sites and

23 municipalities currently display a link to the PVSC site.


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.


PVSC

Two new information brochures:

A Guide to Property Assessment in NSAn informative overview of PVSC: • who we are • how property assessments are done

Appeal BrochureA 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.


How property is valued

• Land Registry Office (assigns Assessment

Number)

• Valuation of Land (Market)

• Building Permit

• Inspection – Data Collection

• Valuation of Improvement (Cost)


Key Terms

• Market Value

• Mass Appraisal

• Base Date

• State Date


Market Value

• Most probable price

• Reasonable exposure

• Willing buyer, willing seller

• Arm’s-length transaction


Mass Appraisal

• Sales within time frames

• Reliance on statistical information

• Standardized Cost Tables- Marshall Swift

• Universal application of methodology

• Past sales (base date)


The Base Date is..

The date of valuation:

Base Date

The Base Date for the 2010 roll is January 1, 2008

July ‘07 Jan. ‘08 June ‘08


The State Date is..

• The date used to determine the physical state of the property to be used to file the assessment roll

• December 1st of the previous year

• The State Date for roll 2010 is December 1, 2009


Valuation Process

• Market Areas

• Review Sales within Base Date

• Qualify Sales for Analysis

• Vacant and Improved


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


2010 Assessment Roll

Approximately 585,000 notices were mailed January 18th

(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, 2010.

The call centre started January 18th (1-800-380-7775).


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


Provincial Totals

2009 2010 Change

Residential

w/ CAP

$57,222,607,800

$52,101,466,700

$60,982,707,300

$54,057,066,500

6.5%

3.8%

Commercial $17,980,074,400 $18,608,188,600 3.5%

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%


Town of Yarmouth

2009 2010 Change

Residential

w/ CAP

$280,912,400

$265,525,200

$283,325,600

$269,037,000

0.8%

1.3%

Commercial $319,808,900 $318,441,900 -0.4%

Total

w/CAP

$600,721,300

$585,334,100

$601,767,500

$587,478,900

0.2%

0.4%

Business Occupancy

$12,093,500 $3,384,900 -72.01%


CAP

Provincial Town of Yarmouth

Receiving CAP Receiving CAP2010: 377,400 2010: 1,6372009: 360,000 2009: 1,630

CAP Impact CAP Impact2010: $6.9B 2010: $14.3 M2009: $5.1B 2009: $15.4 M


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.


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.


Thank You

Questions?

Phone: 1-800-380-7775

Website: www.pvsc.ca

Documents

Town of Yarmouth March 11, 2010