Heritage Place - Property Tax Abatement

Description

The Property Tax Abatement Program for Heritage Properties is an incentive for owners of heritage properties to restore and re-use designated historic places, thereby extending their useful life and preserving their heritage value to the community.

• By undertaking an approved restoration project to a designated heritage property, the Property Tax Abatement Program for Heritage Properties allows the owner to be forgiven a portion of the net increase in provincial and municipal property taxes resulting from the increase in the assessed value of the property for a four-year period. Specifically, in the first year of the program, the owner of the heritage property will pay property tax on the pre-project assessment. The owner would then be forgiven 75% of the assessment increase during the second year, 50% in the third and 25% in the fourth year. Beginning in the fifth year, and continuing for subsequent taxation years, the owner would pay the full property taxes based on the full post-project assessment.