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Town council voted April 29 to implement a 1.5 per cent deed transfer tax to help cover capital infrastructure projects on the horizon. It comes into effect July 1.
“Additionally, concerns were raised about fairness, timing, and the overall financial burden on residents and businesses.”Halifax sees hike in revenue from deed transfer taxes “Deed transfer tax has not impeded investment or development in the 47 municipalities in Nova Scotia that have deed transfer tax,” Mayor Sandra Snow said.
“We would have been able to do something. We can’t do anything right now. Nothing,” she said. “If something big goes wrong in any of those facilities or underground, we don’t have the revenues to fix something big in infrastructure.”“On paper, we probably should have been collecting it a long time ago,” Zebian said. “But I do have a problem with it.”The Town of Kentville is implementing a deed transfer tax beginning July 1.
Council recently passed a $26-million, five-year capital investment plan. Lawrence noted an average annual capital budget would be about $2 million a few years ago.
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