Business
NexLiving Communities Comments on the Impact of New Brunswick's Property Tax Relief Program
NexLiving Communities Comments on the Impact of New Brunswick's Property Tax Relief Progr...
About this update from Nexliving Communities Inc
[{"type":"text","content":"\n \n \n \n NexLiving Communities Comments on the Impact of New Brunswick's Property Tax Relief Program\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n HALIFAX, NS\n \n \n ,\n \n \n June 6, 2022\n \n \n /CNW/\n \n -\n \n (TSXV: NXLV)\n \n –\n \n NexLiving would like to clarify the impact of recent announcements by the Government of\n \n New Brunswick\n \n to provide a 10% cap on property tax assessments over the next two years, for most apartment and commercial buildings. In the quarter ended\n \n March 31, 2021\n \n , NexLiving had accrued a higher non-cash property tax expense than is now expected to be experienced in the 2022 fiscal year. The Company expects to reverse the higher expense in subsequent quarters, which will have a materially positive impact on the Company's net operating income going forward.\n \n \n \n \n \n \n \n \n \n NexLiving continues to believe that\n \n New Brunswick\n \n is one of the best residential real estate markets to invest in\n \n Canada\n \n , given the growing economy combined with a low cost of living, which is leading to one of the highest population growth rates in\n \n Canada\n \n . The recently announced Property Tax Relief Program provides confidence that the municipal and provincial governments are supportive of the continued investment needed in new housing in the province.\n \n \n For more information about NexLiving, please refer to our website at\n \n www.nexliving.ca\n \n and our public disclosure at\n \n www.sedar.com\n \n .\n \n \n \n About the Company\n \n \n \n NexLiving continues to execute its plans to acquire recently built or refurbished, highly leased multi-residential properties in bedroom communities across\n \n Canada\n \n . The Company aims to satisfy the needs of the newly emerging 55+ resident. The demographic that has changed the world is now changing the way residential rental apartments cater to their requirements. Their desire for community, along with service, quality and convenience has led to the emergence of the 55+ active living segment. Apartme...