This program provides a property owner with tax relief directly
related to improvements made upon the incremental increase in municipal taxes
that result from rehabilitation or redevelopment of properties for a nine-year
period.
Process:
A property owner
would register their intent to participate in the grant program by filing an
application at the time of Building Permit application. The amount of municipal
taxes paid would be determined, and upon completion of the works, the municipal
taxes to be paid as a result of the reassessment by the Ontario Property
Assessment Corporation would be calculated. The difference between the
municipal taxes prior to the works being undertaken and the municipal taxes after
the completion of the works would be the portion eligible for a grant under
this program.
By using the Building Permit as the "trigger" for
establishing participation in the program, the approximate value of the
rehabilitation/redevelopment work to be undertaken can also be determined. The
total value of the grant will not exceed the value of the work done. The grant
amount for this program would equal 100% of the increase in the Municipal
portion of the taxes in years one to five of the program, decreasing to 80% in
year-six, 60% in year-seven, 40% in year-eight, 20% in year-nine and with the
owner paying the full amount of taxes in year-ten.
