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Small Cabin Forum / Off Topic / Unusual property tax risk
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# Posted: 4 Apr 2022 13:49 - Edited by: KinAlberta

Here’s an interesting risk to those of us in commodity based economies. (Commodities and commodity-like businesses are known for their booms then busts.)

Or I guess having a property in any one-industry area where something like foreign competition or technological change kills the business.

Quarter billion bucks:

Oil and gas companies now owe Alberta rural communities $253M in unpaid taxes
March 8, 2022

“In some municipalities, the industry can make up 60 to 90 per cent of their expected tax base.

Covering the difference prompts municipalities to delay road and bridge repair or construction projects – the very infrastructure companies rely upon to operate in the area, he said.

Some of the corporations in arrears are hard to track down – a few are numbered companies based in the Cayman Islands,
McLauchlin said.”

# Posted: 4 Apr 2022 15:19

Municipalities should be faster to after those companies with tax remittances in arrears.

# Posted: 6 Apr 2022 17:39

Take that land back.

# Posted: 6 Apr 2022 21:14

Quoting: lburners
Take that land back

That dosnt put it back on the tax roll. And generaly when a large tract, abandoned complex or other large building project buys or wants to build on a piece of land they look for a tax break or move on. Happens all the time here.

# Posted: 6 Apr 2022 23:36

Here too
They have the option of holding out for the best offered breaks while folks like us are stuck with the rising tax cycles; one year its the land valuation goes up and the next it is the 'improvements', even if we havent changed anything.
Now with the rising home sales pricing we will be hit with increased 'valuation', based on sales of 'comparables' and 'fair market value'.
Get ready, Big Hurt is Coming.

# Posted: 7 Apr 2022 04:47

It can even get worse. Here there is an area that has 2 colleges( thet pay no tax) along with a very large tract that the state use to own that held a psychiatric hospital that had been long abandoned. Years and years ago they put in a paid fire department to service all these complexes...those people have a major tax bill. About 25-40% of there school and property tax.

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