In 2019, the District adopted the Commercial Area Revitalization Tax Exemption Bylaw No. 1120 which established two revitalization tax exemptions for commercial development and downtown revitalization that may apply to commercial properties in the Revitalization Area.
Renovation Tax Exemption Program
The purpose of this program is to provide incentives for business and property owners to encourage the revitalization of commercial areas and increase community accessiblity. The following projects may be considered eligible for this program:
The term of exemption for eligible products is based on the following table:
|Construction Value||Annual Percentage Tax Exemption on Total Class 6 Assessed Value||Term of Exemption|
|$10,000 - $50,000||30%||1 year|
|$50,001 - $100,000||30%||2 years|
|$100,001 - $200,000||30%||3 years|
|Greater than $200,000||40%||3 years|
Construction Tax Exemption Program
The purpose of this tax exemption program is to provide development incentives for builders and property owners. For a project to be considered eligible, it must qualify as a commercial building and be 1 of 2 different types of project:
1. A principal building on a vacant parcel of land with a construction value of $50,000 or more.
2. A demolition and reconstruction of a principal building, with a construction value of $50,000 or more.
Approved applicants may be eligible for:
|Year of Tax Exemption Term||Annual Percentage Tax Exemption on Assessed Value for Improvements Only|
If you believe that you qualify for one of these exemptions or you are interested in learning more, please contact the Director of Finance at firstname.lastname@example.org or call the municipal office at 250-845-2238.