Out of province, out of pocket

5 de abr. de 2022 · 9m 35s

Descripción

As a part of the provincial budget, Nova Scotia is introducing the Non-Resident Property Tax and Non-Resident Provincial Deed Transfer Tax. The deed transfer is five percent of the purchase...

mostra más

As a part of the provincial budget, Nova Scotia is introducing the Non-Resident Property Tax and Non-Resident Provincial Deed Transfer Tax. The deed transfer is five percent of the purchase price and will be on top of whatever the deed transfer tax is in the municipality where the property is located. The non-resident property tax is calculated at $2 per $100 of assessed value and both are effective April 1, 2022. What impact if any will this have on the red-hot housing market in the province? The Nova Scotia Association of Realtors (NSAR) was as surprised as many out of province property owners were by these policies. They met with the finance minister but recently, but recently installed NSAR President Tammy Hines says no one has a crystal ball to know what will happen.

mostra menos