Kelowna - Housing Incentive: Rental Housing Tax Exemption
The City of Kelowna has several incentives available to developers to encourage alignment with the City’s strategic priorities for urban development. We offer incentives to housing in strategic ways to ensure that the type of housing (e.g.: rental, ownership) and the location of new housing achieve our long-term and overall community objectives. For example, our Development Cost Charges are structured to reflect the larger infrastructure burden of development outside of Kelowna's core. That structure acts as an incentive for development within the core area of Kelowna. A developer incentive offered is the revitalization tax exemption program for purpose-built rental housing. The program provides eligible purpose-built rental housing projects with relief from a share of municipal property taxes. This program is guided by the City’s Revitalization Tax Exemption Bylaw No. 9561. Value +The program provides a 100 per cent municipal tax exemption on the “revitalization amount.” This is defined in the Revitalization Tax Exemption Bylaw as “the municipal portion of property tax calculated in relation to the increase in the assessed value of improvements on the property resulting from the construction or alterations as outlined in section 6 of this bylaw.” +For example, if you build a four-storey apartment building on a lot that was previously vacant, you would receive a municipal tax exemption for 10 years on the value of the new building (the improvements) +The tax exemption doesn’t extend to the land value
Grant Deadline
2024-08-09
Funding Amount
$8,000
Type of Grant
Funding
Sectors
Demographics
Incorporation
For Profit
Perks
Region Restriction
This grant is restricted to whole of Canada
Keywords
Age Restriction
This grant is age restricted from 18 to 100
Eligibility and Requirements
For developers looking to develop in Kelowna
Application Requirements
You should submit your rental housing tax exemption application after you have submitted a complete development permit application and your project has established some timelines for construction and occupancy. If a rezoning application is also involved, it should have progressed to 3rd Reading before making an application +In all cases, an application must be made before construction begins. Consult with the Policy and Planning Department with any questions
Grant Application website
https://www.kelowna.ca/homes-building/developers/developer-incentives
Contact
Policy & Planning