Revitalization Tax Exemption
Helping business thrive
The reasons and objectives for the revitalization tax exemption program are to:
- provide owners with an economic incentive for construction
- encourage the development of a wide variety of buildings and uses in the District
- increase development, foot traffic, activity, and animation of the District
- 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 $150,000.
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
- 25% exemption in the third year
Full municipal property taxation would be applied in the fourth and succeeding years.
Please view the following bylaws
- Revitalization Tax Exemption Bylaw No.1353, Amended by Bylaw No. 1486
Contact us for full program details and eligibility.