226 Revitalization Tax Exemptions | Land Title Practice Manual

226 (1) In this section:

“exemption agreement” means an agreement under subsection (7);
“exemption certificate” means a revitalization tax exemption certificate issued under subsection (8);
“revitalization program bylaw” means a bylaw under subsection (4).
(2) A council may, for the purpose of encouraging revitalization in the municipality, provide tax exemptions for land or improvements, or both, in accordance with this section.
(3) For a revitalization tax exemption under this section to apply to a particular property,

(a) the exemption must be in accordance with a revitalization program bylaw under subsection (4),
(b) an exemption agreement under subsection (7) must apply to the property, and
(c) an exemption certificate for the property must have been issued under subsection (8).

(4) A revitalization tax exemption program must be established by a bylaw that includes the following:

(a) a description of the reasons for and the objectives of the program;
(b) a description of how the program is intended to accomplish the objectives;
(c) a description of the kinds of property, or related activities or circumstances, that will be eligible for tax exemptions under the program;
(d) the extent of the tax exemptions available;
(e) the amounts of tax exemptions that may be provided under the bylaw, by specifying amounts or by establishing formulas by which the amounts are to be determined, or both;
(f) the maximum term of a tax exemption that may be provided under the bylaw, which may not be longer than 10 years.

(a)
may include other provisions the council considers advisable respecting the program including, without limiting this,
- (i) the requirements that must be met before an exemption certificate may be issued,
- (ii) conditions that must be included in an exemption certificate, and
- (iii) provision for a recapture amount that must be paid by the owner of the property to the municipality if the conditions specified in the exemption certificate are not met, and
(b)
may be different for
- (i) different areas of the municipality,
- (ii) different property classes under the Assessment Act,
- (iii) different classes of land or improvements, or both, as established by the bylaw,
- (iv) different activities and circumstances related to a property or its uses, as established by the bylaw, and
- (v) different uses as established by zoning bylaw.

(a) notice of the proposed bylaw has been given in accordance with section 227, and
(b) the council has considered the bylaw in conjunction with the objectives and policies set out under section 165(3.1)(c) in its financial plan.

(7) The council may enter into an agreement with the owner of a property respecting

(a) the provision of a revitalization tax exemption under this section,
(b) any requirements that must be met before an exemption certificate is issued, and
(c) any conditions on which the tax exemption is to be provided.

have been met, a revitalization tax exemption certificate must be issued for the property in accordance with the exemption agreement.
(9) An exemption certificate must specify the following in accordance with the revitalization program bylaw and the exemption agreement:

(a) the extent of the tax exemption;
(b) the amount of the tax exemption or the formula for determining the exemption;
(c) the term of the tax exemption;
(d) if applicable, the conditions on which the tax exemption is provided;
(e) if applicable, that a recapture amount is payable if the exemption certificate is cancelled, and how that amount is to be determined.

(10) So long as an exemption certificate has not been cancelled, the land or improvements, or both, subject to the exemption certificate are exempt from taxation under section 197(1)(a) as provided in the exemption certificate.
(11) An exemption certificate may be cancelled by the council

(a) on the request of the property owner, or
(b) if any of the conditions specified in the exemption certificate are not met.

(12) An exemption certificate or cancellation does not apply to taxation in a calendar year unless the exemption certificate is issued or cancelled, as applicable, on or before October 31 in the preceding year.
(13) The designated municipal officer must

(a) provide a copy of an exemption certificate to the relevant assessor as soon as practicable after it is issued, and
(b) if applicable, notify that assessor as soon as practicable after an exemption certificate is cancelled.

(14) The authority to provide a tax exemption under this section is not subject to section 25(1).

2003-26-226, effective January 1, 2004 (B.C. Reg. 423/2003); 2007-24-4.