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MattersFinanceBYLAW 2147First seen Sep 25, 2023Last discussed Oct 23, 2023

Permissive property tax exemptions

Adopted

The bylaw grants property tax exemptions to designated properties for 2024 through 2027. Exempting these properties affects how much property tax they pay and the revenue collected by the city.

Where it stands: Tax exemption bylaw adopted Oct 23, 2023.

Background

Earlier and later steps of the same initiative.

  1. Aug 29, 2023 – Sep 5, 2023

    2024–2027 permissive tax exemptions

    The proposed exemptions would reduce property taxes for listed community organizations and other eligible properties from 2024 through 2027. Staff estimated the exemptions at $258,873 in 2024 and $283,464 in 2025, representing tax revenue the City would forgo.

Timeline

Every time this matter appeared in council records, newest first.

  1. October 23, 2023· Council

    Property tax exemption bylaw adopted

    Adopted 6–0

    Final approval. The bylaw is now in force.

  2. September 25, 2023· Council

    Three readings given to property tax exemption bylaw

    Passed 7–0

    Council approved the content and final wording. Adoption is the last step.