In January 2022, Kamloops City Council expanded the existing 10-year downtown tax revitalization after they received a report from City staff with proposed amendments to the City Centre and North Shore Revitalization Tax Exemption (RTE) Bylaws.
Buyers of City Gardens will be happy to know our development permit approved us taking part in Kamloops’ Revitalization Tax Exemption. According to Venture Kamloops, the RTE program provides the opportunity for property owners, within a specified area who wish to either improve existing buildings or construct new buildings, to receive an exemption on property taxes (municipal portion) for a period of 10 years. The result is savings for buyers.
We asked Brendan Shaw, REALTOR® and Managing Broker of Brendan Shaw Real Estate what this Downtown 10-year tax revitalization would mean for City Gardens buyers:
What exactly is downtown tax revitalization in relation to City Gardens?
Kelson Group Property Development, the developer of the City Gardens development, will qualify for a revitalization tax exemption. The tax exemption, once it is finally approved, typically starts the year following occupancy and grants a 10-year tax exemption on the increase to the municipal portion of city property taxes.
How will the RTE impact buyers of Trillium at City Gardens?
Assuming Trillium qualifies for the 10-year tax revitalization and is approved, this RTE will reduce the tax rate for buyers for a period of 10 years.
How will the RTE impact buyers?
Although buyers will still be responsible for their annual city taxes, the tax revitalization exemption will offer significant savings. It will help make the annual city taxes more affordable for buyers for a period of 10 years.
After 10 years, the property values will no longer receive an RTE.
Those interested in understanding the more in depth details of this tax revitalization can visit this link: https://venturekamloops.com/why-kamloops/incentives/city-centre-revitalization-tax-exemption
