Prince Rupert begins new tax break program for downtown properties
The City of Prince Rupert has sent letters to 102 downtown property owners to inform them about a new tax exemption program designed to encourage growth in the city.
Commercial or residential property owners will receive a 10 year tax break on new buildings in the downtown area if their property values increase as a result of development.
Likewise, property owners who conduct renovations of over $50,000 on existing buildings will receive a five year tax break if the renovations increase their property values.
The program will only remain in place for three years to ensure that growth in the city happens as soon as possible.
The city has also sent letters to property owners reminding them of bylaws that prohibit buildings from becoming unsightly through the accumulation of garbage, graffiti, discarded materials, dilapidated exterior finishings and other unappealing sights.
The letter says the city will be taking increased action on unsightly premises this spring.