Revitalization Tax Exemption (RTE) March 6, 2024

City Gardens’ Trillium Tower, a vibrant new development nestled in the heart of Downtown Kamloops, has been approved for the Revitalization Tax Exemption (RTE), aimed at lightening the financial load for prospective buyers.

The RTE is often used to address environmental, economic, or social goals, encouraging revitalization of specific areas through incentives for certain types of developments.

The tax exemption typically starts the year following occupancy and offers a 10-year tax exemption on the increase to the municipal portion of city taxes, providing substantial savings for homeowners.

As Brendan Shaw, the project’s REALTOR®, emphasized, “This tax revitalization exemption will make annual city taxes more manageable, offering significant relief for buyers over the next decade and making City Gardens an even more desirable investment.”

Although buyers will still be responsible for their annual city taxes, including but not limited to hospital and school tax, the RTE will offer significant savings.

For example, on a property assessed at $600,000, the estimated annual tax savings amount to $2,179.89, totaling $21,798.92 over the course of a decade.

“This tax exemption not only promotes urban renewal but also makes homeownership within City Gardens more accessible and financially viable for the long term,” added Shaw, inviting those interested in understanding the more in depth details of this tax revitalization to visit Venture Kamloops.

Discover the potential of Trillium and take advantage of the benefits that this revitalization tax exemption will bring to City Gardens, making it a premier residential development in Kamloops.

Photo credit: Venture Kamloops

Author: Mandy Curtis Post Date: March 6, 2024

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