Development Rumours

[OliverD]

Originally Posted by Corker

Agreed and such a program doesn't have to be very complicated. A property owner applies, provides evidence of their income, such as their most recent personal tax assessment showing their income is below a threshold, other parameters are met (residential property, owner occupied, owner above a certain age or unable to work due to a disability, etc), and the city could provide a deferral of x% of taxes, placing a lien on the property. Each year the property owner would sign a form affirming the circumstances remain the same, and the city would add the interest and the additional property tax to the lien. Once the person moves on, physically or otherworldly, the property changes hands, the lien is exercised and the city gets its money. As with any assistance program it wouldn't be perfect but it would help those who are less able to generate the income to cover rising costs stay in their homes until other circumstances dictate they move.

I say the city but this is a provincial issue so it would be better run by the Province. With such a program in place the assessment cap could be phased out and similar properties would pay similar taxes.

NB has a fairly straightforward program similar to this: https://www.gnb.ca/en/topic/family-home-...operty-tax-deferral-program-seniors.html