To help the Esquimalt and Songhees First Nations redevelop the Rock Bay land they purchased from B.C. Hydro this year, the City of Victoria has instructed its staff to work with the Nations to develop a revitalization program that could include a property tax exemption for up to 10 years.
The program, which would start in 2024, would be designed to support development of the lands inside what the city calls its Arts and Innovation District.
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Coun. Geoff Young said he supported the motion, but advised the city to keep in mind that any tax exemption would be to support development of the lands and promote revitalization, not for handing out money for temporary uses that may extend on for years and years.
“Look at the sites on the Inner Harbour that were used for decades as parking lots,” he said.
Under the Community Charter, to exempt property from municipal property value taxes, there must be a defined revitalization program. Exemptions may apply to the value of land or improvements or both. The exemptions do not extend to school or other property taxes.
Edited by Victoria Watcher, 23 September 2022 - 05:06 AM.