Residential Tax Incentive Bylaw

The newly passed Residential Tax Incentive Bylaw provides a consistent tax incentive and eligibility requirements for qualifying new residential development within Peace River. The incentive is intended to encourage new residential construction and increase the Town’s residential tax base, while providing financial support during the initial years following development.  

 

To qualify for the incentive, a development must be a newly constructed residential development that has obtained all required development permits and applicable Safety Codes permits. It must also result in an increase in the property's assessed value and have the application submitted before construction is completed.

 

This incentive only applies to the municipal portion of property taxes attributable to the increase in assessed value resulting from the development. The proposed tax exemption will be applied over four consecutive taxation years:

The eligible exemption will be based on the increase in the assessed value, and the applicant will be advised of the applicable exemption once the application has been approved.