Owners of commercial, industrial and institutional buildings can earn city tax credits for restoring their properties to heritage status.City council approved a policy change Monday that provides up to 75 per cent of the eligible costs of the conservation work, applied against their property taxes for 10 years. “To be eligible, property owners can apply for conservation and repair of significant original architectural elements, reconstruction of significant historical features, and restoration of interior elements if they are considered by staff to have significant heritage value,” said city planner Maria Stanborough. The policy has been in place since 2004, but was only implemented once since then. Now city staff has found ways to make the process clearer for applicants and more efficient to administer.This tax incentive is for property owners of heritage registered buildings that are zoned commercial, industrial or institutional and for building rehabilitation efforts other than to create single- or two-family residential.
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