Originally posted July 16/06
In late 2005, the City of Prince George Council approved the Downtown Revitalization Tax Exemption By-law No. 7735. The purpose of the by-law is to help spur redevelopment projects in the downtown in support of the objectives of the City’s Official Community Plan. The program allows for a downtown property owner who plans to carry out a physical improvement to their property to apply for a tax exemption. The exemption would be equal to the amount of municipal property tax that would be payable on the incremental increase in assessed value attributable to the improvement for a period of five years. The bylaw provides the ability to apply for a further five year extension. The program is available to individuals or companies who own property in the City’s downtown. The downtown is defined by the boundary of the C-1 (Central Business District) Zoning District in the City’s Zoning By-law No. 3482, 1980. In order to be eligible, the construction value of the improvement must be $50,000 or greater.
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Don Quixote Note: This posting is to provide a starting point for City Staff to provide Council with information about towns that have used tax deferral as a tool for downtown revitalization. This is one of the tools I suggested three years ago at the same time as I presented the then novel idea of a $1 DCC for non profit affordable housing. The DCC idea has finally been realized (when DCC changes are soon confirmed by Province). This tax deferral idea now been resurrected for discussion by a socially progressive member of our Council may yet be brought to fruition.
-------------------Revitalization Tax Exemption Bylaw Program Summary (Salmon Arm)
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