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Revitalization Tax Exemption Bylaw

The Village of Lumby is considering adopting Revitalization Tax Exemption Bylaw No. 812, 2018 at its Regular Meeting dated Monday July 16, 2018.

Bylaw No. 812, 2018 is a Revitalization Tax Exemption Bylaw that is being proposed to encourage construction of new buildings, and exterior alterations and improvements of existing buildings within the General Commercial C1 zone of the Village of Lumby.

The Revitalization Tax Exemption Program is intended to accomplish Council’s objectives by providing property tax relief to property owners who undertake eligible construction within the General Commercial C1 zone.

Properties located in the General Commercial C1 zone will be eligible for a tax exemption based on the following calculations:
• Years 1 – 5: 100 % of the increased assessed value
• Years 6-10: 50% of the increased assessed value

The Community Charter requires we provide an estimate of the amount of taxes that would be imposed on the property if it were not exempt, for the year in which the proposed bylaw is to take effect and the following two years.

The property owner must enter into an agreement with the Village that determines the conditions for eligibility for a specific property.

The kinds of property that will be eligible are as follows:
 

Construction of New Buildings
Properties that are the subject of a building permit for a new building having a permit value of $100,000 or greater. The estimated amount of taxes that would be imposed on the property if it were not exempt are calculated per $100,000 of increased value. The exemption is estimated to be $484 per annum based on 100% exemption.

 

Additions to Existing Buildings
Properties that are the subject of a building permit for an addition to an existing building having a permit value of $20,000 or greater. The estimated amount of taxes that would be imposed on the property if it were not exempt are calculated per $20,000 of increased
value. The exemption is estimated to be $97 per annum based on 100% exemption.

 

Exterior and Interior Renovations to Existing Buildings
Properties that are the subject of a building permit and or a development permit where the project does not increase floor space and have a permit value of $20,000 or greater. The estimated amount of taxes that would be imposed on the property if it were not exempt are calculated per $20,000 of increased value. The exemption is estimated to be $97 per annum based on 100% exemption.

In accordance with Section 227 of the Community Charter, Council is giving notice of the proposed bylaw.
Copies of the report are available for inspection at the Village Office, 1775 Glencaird Street, Lumby, BC Monday to Friday between the hours of 8:00 a.m. and 4:30 p.m.

Thursday, July 5, 2018 - 2:30pm

1775 Glencaird Street
PO Box 430
Lumby, BC V0E 2G0
250.547.2171

 

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