Municipal Property Tax Financing Program deadline approaching
June 26, 2020
SYDNEY, NS - The deadline for applications for the CBRM Property Tax Financing Program is coming up on June 30.
The municipality is offering property tax financing help for owners of residential and commercial properties negatively affected by the COVID-19 global pandemic.
Residential home owners and commercial property owners who have experienced a significant reduction in income can apply.
The program sets a $25 monthly payment for the next 6 months and the remainder of the tax bill will be divided by 24 to determine the monthly amount for the following 24 months. An interest rate of 1.35 per cent will be applied to the monthly payments. The financing program assists taxpayers in avoiding late payment charges as tax accounts in arrears are subject to 10 per cent interest on unpaid balances. June 30 is the payment deadline for interim tax bills.
Example: Mary owns her own home, but lost her job due to COVID-19. Mary’s tax bill is $2,000. She pays $25 for the first six months. After six months her balance of $1,850 is divided into 24 equal payments of $78.73 including interest. Mary pays this amount every month for 24 months. At the end of the program Mary has only had to pay $39.43 in interest.
Visit www.cbrm.ns.ca to find out more and apply for the financing program. The application process is simple and can be completed online in as little as 10 minutes.