Revitalization Tax Exemption Program
The Official Community Plan for the District of Hope identified commercial, industrial, and downtown revitalization as a priority. In 2004, the Community Charter was introduced, offering a new revitalization tax exemption opportunity. As a result of this, the District of Hope has now established a revitalization tax exemption program.
Council may now enter into an agreement with property owners within the designated areas and upon issuance of an exemption certificate to the assessor, those improvements may be exempt from a portion of municipal property value taxes. It is intended that this opportunity will only be available temporarily with the bylaw expiring in September 2018; however, if successful in obtaining a tax exemption certificate prior to bylaw expiration, the term of the program could extend up to 10 years.