Downtown Truro Partnership
Urban Regional Core Tax Levy Increase
Join us at the Annual General Meeting on June 18th at 2 PM at the Marigold Cultural Centre. We’ll discuss the proposed increase in the Downtown Truro URC (Urban Regional Core) to bolster resources for our vibrant downtown community.
Be part of the conversation and help shape the future of our downtown.
DTP’s main source of funding is from our business members. The members in the URC (the Urban Regional Core) pay an area rate on their property taxes known as the Business Improvement Tax, which is levied and collected by the Town of Truro, and then provided by the Town to DTP for our use in fulfilling our mandate of growing and promoting the downtown business community.
There will be two motions on the floor at the AGM with regard to the Business Improvement tax, the first dealing with the rate, and the second with the cap. These motions are independent of one another, meaning that either, both or neither could be passed by the members at the AGM. The DTP Board of Directors approved both of these motions at our January meeting and the Executive Director presented them to the Town Council on February 12, 2024, where the Town Council also approved the increase, pending ratification from our membership.
Our current URC Business Improvement Tax rate for the 2023-2024 fiscal year is $0.42/$100 of assessed property value, which was last increased in 2017. At the AGM, we are proposing to increase the rate to $0.46/$100, or an increase of four cents per hundred dollars of assessed property value. The first motion on the floor at the AGM will therefore be to approve an increase in the Business Improvement Tax rate from $0.42/$100 of assessed property value to $0.46/$100 of assessed property value, effective as of April 1, 2024.
Currently, our members pay the Business Improvement Tax based on their assessed property value, up to the current cap of $1,500,000 of assessed property value. This cap has never been increased since the Truro Development Corporation (DTP) was incorporated in 1979. Therefore, in addition to an increased tax rate, the second motion on the floor will be to approve the raising of this cap to $2,000,000, effective as of April 1, 2024.
130 properties will see an increase between $0 and $100 per year.
58 properties will see an increase between $101 and $500 per year.
6 properties will see an increase between $501 and $600 per year.
15 properties will see an increase between $1000 and $3000 per year – Cap buildings.
Biggest Challenges for 2024 –
Changing Consumer Behavior: Evolving consumer preferences and the rise of online shopping can impact foot traffic in traditional commercial areas. We need to adapt marketing strategies, promote unique experiences, or leverage technology to stay relevant.
Infrastructure and Maintenance: Ongoing need for maintaining and improving the local infrastructure. Whether it’s street enhancements, beautification projects, or safety measures that contribute to a thriving business district.
Biggest Opportunities in 2024
Creating and Promoting Unique Experiences: Collaborate with Local Businesses: Encourage collaboration among businesses to create themed events, promotions, or experiences that showcase the diversity and uniqueness of the district.
Public Art and Installations: Integrate public art and installations into the urban landscape, creating visual interest and contributing to the area’s character. The TRURO sign just like Wolfville did can attract tourists to our downtown core.
Digital Marketing: Leverage social media, a dedicated website, and other digital platforms to promote upcoming events, special offers, and unique experiences.
Events and Ideas:
Projection light show – we are the only town outside of Halifax to do this.
Streetscape beautification: LED canopies in alleyways, murals, etc.
Gift Card giveaway along with blog post.
Redesigned posters for DTP members.
Updated Maps and posters through our town.
If you have any questions please email the Executive Director at ed@downtowntruro.ca
We hope to see you there!