Property Tax Financing Program

Property Tax Financing Program

Municipal Property Tax Financing Program - deadline June 30

June 3, 2020

CBRM recognizes that many citizens and businesses have been significantly impacted by the COVID-19 pandemic. The municipality is, therefore, offering a one-time property tax financing program for owners of residential and commercial properties negatively affected by the COVID-19 global pandemic.

You may qualify if your account is current up to March 31, 2020 and you are the owner of:

• a residential property and you have experienced a significant reduction in income due to the State of Emergency;

• taxable commercial properties (shopping, office, industrial, farm) who have experienced financial hardship through loss of revenue related to the State of Emergency;

• a property that is used for tourist accommodations (e.g., hotels, motels, bed and breakfasts) and you are tourism operator registered under the Tourist Accommodations Registration Act.

Further details on eligibility criteria are detailed in the Property Tax Financing Plan Policy (PDF)

How does the program work?

If your application is approved, your property tax payments will be spread out over 30 months. Your first six (6) payments will be $25 per month.

The remainder of your tax bill will be divided by 24 to get the monthly amount you will be expected to pay. A small amount of interest (1.35%) will be applied to your monthly payments.

Example: Mary owns her own home, but lost her job due to COVID-19. She applies for the Municipal Property Tax Financing Program and her application is approved. Mary’s tax bill is $2,000. She pays $25 for the first six months. After six months her balance of 2,000 - $150=$1,850 is divided into 24 equal payments of $78.73 plus interest. Mary must pay this amount every month for 24 months. At the end of the program Mary has only had to pay $39.43 in interest.

Note: Default of payment under this program results in immediate termination of the financing agreement.  Taxes will be due in full as of the default date, with interest accruing at a rate of 10% on any unpaid balance.

 

example


How do I apply?

Residents who believe they are eligible can apply through an on-line form at https://nspropertytaxprogram.ca/

If you wish to apply by filling out a form and mailing or delivering it, please use this form (PDF) or return it by email to This email address is being protected from spambots. You need JavaScript enabled to view it.

The information is being collected by the Association of Municipal Administrators (AMANS) and the Federation of Nova Scotia Municipalities (NSFM) on behalf of the municipality. This information will be sent to the municipal office for review and approval. Please note:

• The form must be fully completed for your application to be considered

• The deadline to submit your application is June 30, 2020

• The application must be completed by the owner(s) of the property

• You will be asked for your Property Assessment Number which is on your Property Assessment Notice from Property Valuation Services Corporation (PVSC). If you don’t have access to your Assessment Notice there is a link on the form which will take you to the PVSC website where you can obtain that information.

A confirmation that your application has been received will be sent by e-mail. Your municipality will notify you if you have been approved.

Need assistance? CBRM can help. Call 902-563-5144 or 902-563-5145 or 902-563-5580