City Centre Area Transitional Tax Exemption Applications
Eligible commercial property owners in Richmond’s City Centre area may qualify for a partial exemption on their 2013-2016 property taxes. City Councillors adopted Bylaw 8776 based on new provincial legislation that was approved and passed recently.
The legislation was created to provide relief to property owners in the City Centre area, who have seen extraordinary increases in their property assessments since 2005, with some cases exceeding 300 per cent.
The City of Richmond can now provide partial tax exemptions by reducing the assessed land value of an eligible property equivalent to 20 per cent. This will trigger a reduction of the provincial school portion of property taxes also. The objective of this partial exemption is to assist businesses in the City Centre Area during the transition period which will help retain jobs for those working in the area.
To apply for the tax exemption under City Centre Area Transitional Tax Exemption Bylaw No. 8776 (“Bylaw 8776”), please complete the application forms and follow the instructions regarding submission. When submitting the application package, please note that Attachments I through IV are required to be included.
The application form and attachments are fillable pdf documents. Please input all information on the documents before printing and submitting them.
Please read and review the details of Bylaw 8776 to ensure that your property does qualify for the tax exemption. Please note that the application fee of $200.00 for each submission is non-refundable. The submission deadline to qualify for a tax exemption for the 2013 taxation year is July 31, 2012.
City Centre Area Transitional Tax Exemption Bylaw 8776
