Revitalization Tax Exemption
Helping business thrive
The reasons and objectives for the revitalization tax exemption program are to:
- (a) provide owners with an economic incentive for construction;
- (b) encourage the development of a wide variety of buildings and uses in the District;
- (c) increase development, foot traffic, activity, and animation of the District; and
- (d) increase local employment opportunities.
Eligible property will be limited to new construction or renovation of existing buildings in the District that results in a non-market change to the value of a lot within the District of at least $500,000.
An exemption will apply for three years and will be applied as follows:
- 100% exemption in the first year;
- 50% exemption in the second year; and
- 25% exemption in the third year.
Full municipal property taxation would be applied in the fourth and succeeding years.
Please view the Revitalization Tax Exemption Bylaw No.1353 or contact us for full program details and eligibility.