The City of St. John’s will introduce a whole new taxon properties under construction in 2015, reports TheLabradorian.
The tax will be based on the completed percentage of the property under construction. Coun. Danny Breen, chairman of the city’s finance and administration committee, said it is common in many jurisdictions to tax partially completed properties, the newspaper said.
The new tax will be effective in 2015 and is estimatedto generate between $1 million and $2 million for the city.
The Newfoundland and Labrador branch of the Canadian Home Builders’ Association opposed the tax.
