We hear Kentville Council has nixed the proposal to introduce a deed transfer tax. Perhaps the huge ad the Eastern Kings Chamber of Commerce [EKCC] ran in the Kings County Register July 2 convinced the Kentville Council or perhaps they are just more level headed. Or both. The arguments the EKCC put forward are the same as we have seen before: It’s a regressive tax, it’s an unfair tax, it’s a hidden tax, it’s a disencentive to development, and it has a negative effect on overall development.
For Kentville taxpayers this is good news. If Kentville needs more money to run the town they can get the revnue from the general property rate and justify the need, instead of depending on an insecure source which targets one sector. For Wolfville taxpayers it isn’t good news because our Council in its wisdom whatever, has latched on to the this tax and won’t let go. And don’t let them tell you it doesn’t make a difference when it comes to sell your house. Already in markets which don’t have the tax ( or has a lower one) agents are using this as a plus. Just go to an open house in Coldbrook or Kentville now and listen to the spiel. ” And there is no DTT as there is in Wolfville – that saves you a few thou. right there.”
Our advice, not that it will be listened to if the past is any indication, is that Wolfville start phasing out this tax as soon as possible. It is already a small source of revenue given the SLOW market. But perhap that is what our leader wants. That’s the next flavour of the month – SLOW. More on that in our next post.