Property Tax Exemption Program, Commercial Building Projects

Posted on Monday August 19, 2019

FOR IMMEDIATE RELEASE       
August 19, 2019

City Offers Property Tax Exemption for Commercial Building Projects

TRAIL, BC –Trail City Council has established a Revitalization Tax Exemption Program for all Class 6 (Business) properties to encourage private sector investment in commercial building projects. The program offers financial incentives through tax exemptions for eligible projects involving new commercial construction or major renovations and façade improvements. Council adopted the bylaw (Bylaw No. 2870) to officially establish the program on July 15, 2019.

“The program’s model is based on similar City of Trail tax exemption programs that ran from 2013 to 2017,” said Mayor Lisa Pasin.  “The programs had very successful uptakes with 35 projects with a total construction value of over $8.8 million. The building and business enhancements that resulted from these programs have created a positive outlook and sense of excitement for the city’s future.  We hope this continues with our newly implemented program.”

Offering a revitalization tax exemption program also demonstrates the City’s commitment to supporting local economic development and provides a competitive advantage.  “Some of the neighbouring municipalities offer similar programs,” said Pasin.  “It’s important that Trail is positioned as an attractive community for commercial investment and development with a reasonable business property tax rate.”

Property owners of Class 6 (Business) properties undertaking new construction or renovations with a minimum construction value of $50,000 in the years 2019 through 2022 are eligible to apply for the program.  There is a $50 application fee that must be submitted, along with the application, to Trail City Hall. 

“It’s a great time to invest in Trail revitalization,” said Pasin.  “Our picturesque West Kootenay location offers a healthy lifestyle, employment opportunities, and world-class civic and recreational amenities. We are open for business and we look forward to seeing more construction and improvements in our business areas.”

About the program’s financial incentives
New commercial developments: 100% municipal property tax exemption on increases in assessment value* attributable to the construction project for 5 years. *applies to building improvements and land.

Commercial renovations and façade improvements: 100% municipal property tax exemption on increases in assessment value** attributable to the construction project for 3 years, followed by 60% property tax exemption in year 4 and 40% property tax exemption in year 5.**applies to building improvements only.

More information about the program is available at www.trail.ca/taxprogram or through the City’s brochure.

 

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For more information, contact:


Mayor Lisa Pasin
250-364-0804
lpasin@trail.ca

Michelle McIsaac, Corporate Administrator
250-364-0800
mmcisaac@trail.ca

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