Liberals need to put a lid on any ideas of scrapping the Property Assessment Cap
May 23, 2014
(Halifax, NS) NDP Service Nova Scotia and Municipal Relations critic Dave Wilson is concerned the Liberal government is considering changes to the home assessment cap.
Wilson made the comments after learning Minister Mark Furey told reporters on May 22 he is “open” to the idea of phasing out the cap in the coming years.
“I really can’t understand why Minister Furey is considering removing the home assessment cap,” said Wilson. “The program was just reviewed in 2011 and 89 per cent of Nova Scotians support it. Quite simply, if you take away the cap property taxes could begin to rise dramatically. It literally could force people out of their homes.”
The property assessment cap was first introduced in 2005 and limits property assessment increases to the Consumer Price Index. It covers close to 400,000 properties in Nova Scotia. Prior to the introduction of the cap home assessments were known to rise by as much as 10 per cent per year.
“All the evidence suggests the cap has done exactly what it was intended to do, which is to protect homeowners from rising costs,” said Wilson. “I hope once Minister Furey has had time to consider things he will make the right decision and keep the cap in place.”