Tax Exemptions

Tax exemption program coming to an end

Mar 25, 2020 | 3:59 PM

PRINCE GEORGE – Council has approved a recommendation to end a program designed to attract investment in the downtown.

The Downtown Tax Incentive Bylaw was originally introduced in 2005 and renewed in 2011. It offers developers a ten-year exemption from property taxes if they build in the downtown. Since its inception, 23 projects in the downtown were launched, including The Riverbend seniors housing complex and the Marriott Hotel.

“So we really wanted to know the return on investment from a dollars and cents perspective,” says Melissa Barcellos, Manager of Economic Development, to explain why an independent consultant was brought in to review the Bylaw. “So we learned that by subtracting the lost tax revenue from the overall growth in tax revenue from the downtown area, we actually gained $500,000. And that’s because, with all the new development, the assessed value of the area rose as a whole.”

As such, Council has passed a phased out date of 2024 because it has achieved its goal.