The RTE program provides the opportunity for property owners, within a specified area who wish to either improve existing buildings or construct new buildings, to receive an exemption on property taxes (municipal portion). The maximum exemption permitted is 100% for a ten-year term.
New Development: taxes (municipal portion) are assessed on the land’s value only.
Revitalization/Renovation: taxes (municipal portion) are assessed on the property’s original value only.
Opportunity For Revitalization
The following table provides several examples of existing developments and indicates the amount of municipal tax savings they would receive if they were developed today under the new commercial exemption (based on BC Assessment value for the improvement only).
|Address/Description||2019 Tax Assessment
|10-Year Projected Total
(2.5% Tax Rate Increase Annually)
|210 Victoria Street - Victoria Building||$7,742,000||$1,173,815.31|
|186 Victoria Street - RBC Building||$5,070,000||$768,695.90|
|111 Victoria Street - Cornerstone Building||$4,331,000||$656,651.27|
|301 Victoria Street - Kelson Place||$7,580,000||$1,149,253.43|
For a Project involving the construction of a new improvement:
the Project must:
a. be multi-family residential; or
b. be commercial
The use must comply with the current zoning by-law, KAMPLAN. Verification that all municipal taxes, utilities, rates, and charges are paid is mandatory.
For projects involving alteration of existing improvements, the project must:
- Have a minimum construction value of $100,000 or 30% of the assessed value of improvements the year before the alteration is to begin.
- Must include a public realm* improvement.
- A completed application form with the non-refundable application fee ($250)
- A state of Title Certificate (available from the Land Title office, 455 Columbia Street)
- A copy of the Notice of Assessment from the BC Assessment Authority for the year prior to the project
- Verification that all municipal taxes, utilities, rates, and charges are paid in full provided from the Finance Department
- The value of the construction confirmed through a copy of a building permit fee slip, or a letter from the owner’s design professional subject to approval from the Development and Engineering Services Director