COMMERCIAL ASSESSMENT PHASE-IN PROGRAM

The phase-in assessment tool is designed by the provincial government to help promote downtown revitalization and broader economic growth by helping businesses invest more money in their business and spend less money on taxes. This tax savings is accomplished by reducing the immediate tax increases resulting from major renovations or new construction. Depending on the final program details, qualifying businesses can have up to half of commercial assessment increases resulting from such construction applied gradually over a period of up to ten years. To be eligible, such businesses must be served by municipal water and sewer in an area designated by Municipal Council as a Commercial Development District.

The phase-in assessment tool does not change property tax rates. Instead, it is designed to gradually phase in commercial assessment increases either due to commercial investment or new construction, including brownfield remediation, resulting in lower overall commercial property tax bills. Commercial assessment phase-in was designed to be a new tool for municipalities to attract investment to the downtown and support brownfield redevelopment.