Halifax Regional Municipality will now be able to enter into a property tax agreement with owners of heavy industrial properties as a result of amendments introduced today, Oct. 24, to the Halifax Regional Municipality Charter.
“This charter amendment is an important tool for the municipality in managing its financial affairs to ensure certainty and predictability of tax revenues from unique industrial properties that pose an assessment challenge,” said Mayor Mike Savage.
The municipality will be able to determine which property owners are eligible and what they will pay in taxes. Property tax relief for some industries is common across the country, as it can be difficult to value the property based on criteria under assessment acts.
“I recognize there can be situations where it may be difficult to fairly assess the value for a heavy industrial property, which can lead to time-consuming and expensive appeals,” said Municipal Affairs Minister Mark Furey. “This change allows HRM council to provide stable taxes for eligible properties.”
The definition of heavy industrial properties will be identified in regulations.