Richmond County is voicing its opposition to the increase in the Non-resident Deed Transfer Tax.
During Tuesday night’s regular monthly meeting in Arichat, councillors approved a recommendation from its committee-of-the-whole to send a letter to Premier Tim Houston to encourage reconsideration of the policy.
According to the motion, council said it would like to see the tax hike applying only to properties with existing dwellings, not land that could be developed into homes, define non-residents as “out of country,” instead of “out of province,” and that family transactions involving land or transfers be included in the list of exemptions.
In supporting the motion, District 4 Councillor Amanda Mombourquette said that as of April 1, that tax has increased from 5 to 10 per cent. After speaking with property developers, she is worried about the effects on the economy from a decline in real estate investment, stalled residential development, and complications in family property transactions.
With residents from other provinces pricing residents out of the real estate market, Warden Lois Landry voted against the motion, noting that she supports local access to local properties. She said rising prices also lead to increases in assessments and there are opportunities to keep land within families.
Noting changes are needed, District 3 Councillor Brian Marchand also supported the motion, adding that many seniors want to be able to put their child’s name on their deed, whether or not they live in Nova Scotia
