First Nations who choose to take advantage of their property tax powers and collect property taxes (referred to as local revenues ) through a law under the First Nations Fiscal Management Act must also follow certain best practices in managing their local revenues.
The FMB has created rules and guidelines to encourage the clear recording and accountability for collecting and spending of local revenues by First Nations that are described below:
- Tax Administrator
- Local Revenues Bank Account
- Property Assessment and Tax Rates
- Local Revenues Spending
- Local Revenue Reporting
- Investment of Local Revenues