**** CNS Media Release
Non-resident Property Tax to be Updated in Regulations
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Updates to Nova Scotia’s new non-resident property tax that will help military families and provide relief for owners of small cottages will be part of regulations to be released this spring. The changes will also clarify the tax for vacant residential land owned by non-residents.
Premier Tim Houston announced the changes today, May 3, during the State of the Province address.
“We love our seasonal residents, and we will continue to show them our Nova Scotian hospitality and welcome them with open arms, but my main concern is for the people who are or want to live here year-round but can’t afford a place to live,” said Premier Houston. “We are positioned to grow in every region, but we need housing. This is one way our government is addressing the housing crisis and these changes respond to concerns we have heard from Nova Scotians.”
Active members of the Canadian Armed Forces will be exempt from paying the non-resident property tax, introduced in the spring budget. The rates will vary for other non-residents according to the value of the property assessment, benefitting owners of smaller properties like small cottages:
— they will be exempt from the tax on the first $150,000 of the assessment
— the tax will be 0.5 per cent on the value between $150,000 and $250,000
— the tax will be two per cent on the value above $250,000.
All vacant residential land owned by non-residents will be taxed at two per cent regardless of the assessed value.
The government intends to spend more to address the housing crisis than will be received in revenue from the non-resident property tax. The deed transfer tax, also part of the spring budget, will proceed without changes.
Quote:
“We are listening to the feedback we have received and believe that these changes reflect some of the concerns raised by non-resident property owners. We expect regulations to be finalized this spring.”
– Allan MacMaster, Minister of Finance and Treasury Board
Additional Resources:
Budget 2022-23: Solutions for Healthcare, Solutions for Nova Scotians
https://novascotia.ca/budget
Non-resident Deed Transfer and Property Taxes Act: https://nslegislature.ca/sites/default//files/legc/statutes/non-resident%20deed%20transfer%20and%20property%20taxes.pdf
More information about plans to address housing https://novascotia.ca/news/release/?id=20211020002
