To do so, the authors set out criteria for evaluating the property tax; reviewed elements of the property tax system in Nova Scotia; undertook an inter-provincial comparison of assessment and property tax practices across Canada; held a series of meetings with key stakeholders and the Steering Committee; collected data on property assessment and taxes; and performed an analysis of various aspects [...] The assessment issues include: the choice of area-based or value-based assessment; exemptions and payments-in-lieu of property taxes; the lag between the annual assessment and the assessment base; and the volatility of assessed property values. [...] They are fair on the basis of benefits received as long as the variation in the rates captures the variation in the different cost of servicing different properties in different locations. [...] To complete this study, we reviewed the current property tax system in Nova Scotia and across Canada including assessment and tax policy, met with the Steering Committee and representatives of key stakeholder groups (listed in Appendix B) to understand the current issues, collected data on assessment and taxes, and undertook our own analysis of various aspects of the property tax system. [...] The outline of this report is as follows: Section A sets out the criteria for evaluating the property tax; Section B provides some background information on municipal finances in Nova Scotia; Section C provides a comparison of property tax systems across Canada; Section D summarizes the characteristics of the property tax system in Nova Scotia; and Section E raises a number of issues and concerns