HFX Votes 2024: How do property taxes work?

The Coast’s municipal election podcast explainers continue with a deep dive into property taxes and the property tax cap. In this episode, Matt sits down with local economist Deny Sullivan to ask him some questions like: What is the property tax cap? How does it work? Is our council penny-wise and pound-foolish?  The two get sidetracked a little bit when the conversation veers into the new road safety framework and how it demonstrates a lack of fiscal responsibility by the city. Deny explains his property taxation philosophy and how council could be doing more to fix city finances while also getting housing built in a housing crisis.  As it turns out, keeping our capped property taxes low benefits land lords a lot, and doesn’t really help anyone else. Sure homeowners save a little bit a tax time, but it costs us way more in the long term when the city can’t afford to build for a better future. The two also spend some time coming up with some potential property tax fixes to afford the better world we want.  Do you still have questions you want Matt to look into? Send them to [email protected].