Iqaluit council votes to reduce taxes for Noble House property owners
City won’t tax Northview on building destroyed by fire in January
A fire tears through the Noble House apartment building in Iqaluit on Jan. 8, 2025. City councillors voted Tuesday to give property owner Northview Residential REIT a reduction in its property taxes due to the building’s total loss. (Photo by Jason Sudlovenick, Special to Nunatsiaq News)
Iqaluit councillors unanimously supported a request from the owners of now-destroyed Noble House to reduce taxes on the property following a fire there earlier this year.
“I believe taxation should be fair at all times, regardless if you’re a homeowner or a large corporate entity, and I don’t think it’s fair to continue taxing the full amount for a building that no longer exists,” Coun. Kyle Sheppard said.
The 37-unit apartment building that was owned by Northview Residential REIT was razed by a fire Jan. 8.
The blaze displaced 36 families and several businesses. The site today is mostly cleared of rubble.
Peter Tumilty, the city’s finance director, presented the request for a tax reduction during Tuesday’s city council meeting.
A report said Northview is set to be taxed $67,259 in 2025. The breakdown of the tax bill is $22,978 for the land and $44,280 for the building.
The staff recommendation in the report is to reduce the portion of the company’s tax bill for the lost building but leave the tax in place for the land.
“While the property owner/occupant still maintains the benefit of the land, it’s fair to tax that land portion, in my opinion, but not so for the building that does not exist,” Sheppard said.
The decision to cut the tax bill, which passed unanimously, also includes a provision that council must approve a bylaw to implement the reduction.
It’s the absolute least the City could do. Imagine paying property tax on a building completely destroyed?
Imagine these landlords charging over $2,500/month for rent while the most expensive cities in Canada. These people make bank out of these renters but let’s advocate for them to pay less taxes!
The renters in Iqaluit are just working to pay their rents because REIT needs to profit far more just because they can.
Imagine a company that takes in $276 million of revenue each year asking the City of Iqaluit, a city with $80 million in operating revenue, for a $44,000 tax break. Is it the correct decision in this case? Yes, I would say it is. But let’s not talk about “the absolute least the City could do” when we’re referencing a company who’s gouged Iqaluit residents because they effectively have a monopoly in the market.
Again, buy some shares. Oh! and they do provide desperately needed housing
Seems like a lot of smoke for Northview in the comments section.
You can dislike the company, sure. Doesn’t mean that waiving the property tax isn’t obviously fair. Barely even newsworthy.