Exemption from Property Taxes for New Construction / Improvements
The Downtown Revitalization Tax Exemption Program allows the city to enter into an agreement with property owners within the designated area (PDF) if there is construction of a new improvement or an alteration of an existing improvement which has a building permit value in excess of $75,000.
Upon issuance of a Revitalization Tax Exemption Certificate to the BC Assessment Authority, those improvements are exempt from general municipal property taxes (excludes other property taxes such as School, Regional District, Regional Hospital, specified area levies etc.) for a period of time not longer than five years and with a single, five-year renewal period.
This summary is only provided for informational purposes. For complete details, refer to Bylaw No. 3741 (PDF) cited as The City of Salmon Arm Revitalization Tax Exemption Bylaw.