The Nova Scotia Association of Realtors wants Inverness County’s support in changing the way deed transfer taxes are collected.
As things stand, all but two Nova Scotian municipalities collect deed transfer taxes – a tax that’s paid when property changes hands. In Inverness County, the rate is set at 1.5 per cent.
The Realtors Association would like these taxes to be paid over a five year period, allowing first-time property owners to keep more cash in hand when making their initial purchase. Right now, the tax is paid on purchase.
Council is mulling over the request now.