DocumentsBylawOct 7, 2024Pages 43–45
CITY OF LANGFORD BYLAW NO. 2208 - City of Langford Revitalization Tax Exemptions for Industrial Development Bylaw No. 2006, 2021, Amendment No. 1, Bylaw No. 2208, 2024
Bylaw amending the City’s revitalization tax exemption program for industrial development including updated objectives, exemption percentages and assessed value base years for specified lots.
Key facts
- Replaces multiple sections to set objectives: incentivize industrial development, diversify economy, grow industrial tax base and encourage jobs
- Sets exemption formulas and percentages for Lot A, Remainder Lot A, Lot 8, Lot 9 and other lots with base assessed values listed (e.g., Class 01: 993,500; Class 05: 4,283,000; etc.)
- Exemption limits ensure taxable assessed value does not drop below original assessed value
- Cited as City of Langford Revitalization Tax Exemptions for Industrial Development Bylaw No. 2006, 2021, Amendment No. 1, Bylaw No. 2208, 2024
CITY OF LANGFORD
BYLAW NO. 2208
A BYLAW TO AMEND
“City of Langford Revitalization Tax Exemptions for Industrial Development Bylaw No. 2006, 2021"
The Council of the City of Langford, in open meeting assembled, hereby enacts as follows:
1. Amendment
Revitalization Tax Exemptions for Industrial Development Bylaw No. 2006, 2021 is amended as follows:
a) By deleting Section 4, 7, 8, 11, 12, 13, 14, 15, 16, 17 and 18 in its entirety and replacing it with:
4.
This Bylaw has been established to achieve the following objectives for the land and improvements in the Revitalization Area:
(a) Provide incentives for industrial development;
(b) Stimulate and diversify the local economy;
(c) Grow the industrial tax base; and
(d) Encourage business development and job creation.
7.
The tax exemption available under this Bylaw is only applicable to the municipal portion of property value taxation levied on both land and improvements pursuant to the provisions of the Community Charter.
8.
The maximum tax exemption authorized pursuant to this Bylaw must not result in the taxable assessed value to drop below the original assessed value set out in each section.
11.
In sections 12 – 18 of this Bylaw “Remainder Lot A” means Lot A after the area labelled “Residential Area” on the sketch attached to this Bylaw as Schedule A is subdivided from Lot A.
12.
Subject to section 13, Lot A in years 1 to 5 will receive a tax exemption equal to 90% of any increase between the current year’s assessed value without reference to this bylaw and the assessed value (base year) chart seen below:
| Class | Assessed Value |
|---|---|
| Class 01 | 993,500 |
| Class 05 | 4,283,000 |
| Class 06 | 5,276,000 |
| Class 08 | 9,540,000 |
13.
In the event Lot A is subdivided to create Remainder Lot A, then in the remaining years of 1 to 5 after that subdivision, Remainder Lot A will receive a tax exemption equal to 100% of any increase between the current year’s assessed value without reference to this bylaw and the assessed value (base year) chart seen below:
| Class | Assessed Value |
|---|---|
| Class 01 | 894,200 |
| Class 05 | 3,854,700 |
| Class 06 | 4,748,400 |
| Class 08 | 8,586,000 |
14.
In years 1 to 5, every lot in the Revitalization Area other than Lot A and Remainder Lot A will receive a tax exemption equal to 100% of any increase between the current year’s assessed values without reference to this bylaw and the assessed value (base year) chart seen below:
| Parcel / ID | Class | Assessed Value |
|---|---|---|
| 15369.010 | Class 06 | 442,800 |
| 15373.020 | Class 06 | 57,600 |
| 15359.000 | Class 06 | 291,400 |
| 15358.010 | Class 06 | 260,100 |
15.
In years 6 and 7, Lot 9 will receive a tax exemption equal to 48% of any increase between the current year’s assessed value without reference to this bylaw and the assessed value (base year) seen below:
| Parcel / ID | Class | Assessed Value |
|---|---|---|
| 15359.000 | Class 06 | 291,400 |
16.
In years 6 and 7, Lot 8 will receive a tax exemption equal to 42% of any increase between the current year’s assessed value without reference to this bylaw and the assessed value (base year) seen below:
| Parcel / ID | Class | Assessed Value |
|---|---|---|
| 15358.010 | Class 06 | 260,100 |
17.
Subject to section 18, in years 6 and 7, Lot A will receive a tax exemption equal to 51% of any increase between the current year’s assessed values without reference to this bylaw and the assessed values (base year) seen below:
| Class | Assessed Value |
|---|---|
| Class 01 | 993,500 |
| Class 05 | 4,283,000 |
| Class 06 | 5,276,000 |
| Class 08 | 9,540,000 |
18.
In the event Lot A is subdivided to create Remainder Lot A, then in the remaining years of years 6 and 7 after that subdivision the Remainder Lot A for each year will receive a tax exemption equal to 55.36% of any increase between the current year’s assessed values without reference to this bylaw and the assessed values (base year) seen below:
| Class | Assessed Value |
|---|---|
| Class 01 | 894,200 |
| Class 05 | 3,854,700 |
| Class 06 | 4,748,400 |
| Class 08 | 8,586,000 |
2. Citation
This Bylaw may be cited for all purposes as “City of Langford Revitalization Tax Exemptions for Industrial Development Bylaw No. 2006, 2021, Amendment No. 1, Bylaw No. 2208, 2024".
READ A FIRST TIME this day of October, 2024.
READ A SECOND TIME this day of October, 2024.
READ A THIRD TIME this day of October, 2024.
ADOPTED this day of October, 2024.
PRESIDING COUNCIL MEMBER
CORPORATE OFFICER