HRM has one major revenue source: property tax
Each year, HRM must generate revenue to provide necessary services to residents. HRM's Charter regulates how we can raise revenue. The Act provides limited flexibility for alternative revenue sources.
We do not have access to the variety of revenue sources that other orders of government have – income, lottery, sales and liquor tax – that increase as earnings and spending grow. Our major source of revenue is property tax.
HRM’s major revenue sources, 2008-2009 (budget)
Property Taxes
|
$535 million |
| Deed Transfer Taxes |
$33 million |
| Transit fares |
$28 million |
| Waste disposal fees |
$11 million |
| Parking and other fines |
$8 million |
| Licenses and permits |
$5 million |
| Recreation fees |
$4 million |
| Parking meter revenues |
$3 million |
HRM is Required to Share its Main Source of Revenue, Property Taxes, with the Province and Others
A typical property tax bill in 2008 was $2,220*. Of that amount, approximately $730 was transferred to the Province and others for education, correctional services, public housing, and to the School Boards for Supplementary Education Funding. This leaves $1,490 for municipal services.
What you pay:
$2,220 (*based on a typical, detached home in HRM, assessed at $169,600 in 2008)
- $730 to the Province for education, and the Property Valuation Services Corporation
= $1,490 for the Municipality
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