July 29 deadline to apply for property tax breaks for charities or revitalization

Charities, non-profits, and owners of all types of commercial or recreation zoned properties may qualify for tax exemptions in 2012 if they apply before July 29, this year.

  • Thu Jun 23rd, 2011 9:00am
  • News

Charities, non-profits, and owners of all types of commercial or recreation zoned properties may qualify for tax exemptions in 2012 if they apply before July 29, this year.

The “permissive” tax exemption applies to properties used by non-profits or charities, whether the registered society is the owner or a tenant whose lease requires taxes to be paid directly to the city.

The “revitalization” tax exemption is a separate program introduced by council last fall to encourage investment in renovations for local businesses, to stimulate the local economy.

To qualify, businesses must increase the taxable assessed value of their property at least $10,000 by virtue of the renovations alone.

Under the exemption, the increase in assessed value due to renovations won’t be taxed for five years. Another application at that time will qualify these businesses to have the full tax phased in over the following five years.

Information and application forms for both programs are available at city hall.