Thursday, August 21, 2008

GOOD NEWS FOR NANAIMO TAXPAYERS

HARMAC TAXES HAVE BEEN PAID

It is reported that the $3.8 million tax bill for Harmac pulp mill has been paid to the city on Aug. 14.

The taxes were actually paid by the now bankrupt Pope and Talbot however the funds were not paid to the city until the recent deal with NFP was accepted.

It remains to be seen if this rate of taxation will apply to future assessments as the mill recently sold for $13.5 million dollars to NFP and there is a backup offer of $20 million even though the property has an assessed value exceeding $90 million.

It seems unreasonable that a property with a true market value of at most $20 million would be liable for a tax bill of $3.8 million.

allvoices

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