To create an economic stimulus for encouraging private sector investment in commercial building projects, the tax exemption program was created to promote: construction of new commercial buildings and major renovations of existing commercial buildings, expansion of the commercial property tax base, enhancement of the visual appeal of commercial buildings in the community, private investment to strengthen the economy, commercial building expansion to create employment opportunities for residents.
New Development Incentive
The City of Merritt Official Community Plan outlines Council’s affirmation to remove impediments to private sector investment, revamping the City’s regime of taxes, fees, and charges to improve its competitiveness in attracting growth and encouraging development in the community. In addition, the City of Merritt is committed to increasing the density of residential development. We wish to encourage business in Merritt to expand over the next few years as economic opportunities present themselves. These expansions could result in new construction, increased employees, or simply added product lines. This new initiative will provide the City of Merritt a competitive advantage for our community in attracting development that will ensure growth that is balanced and progressive.
Click here to view our current tax exemption BYLAW 2128 to encourage development. This bylaw provides a revitalization tax exemption program for business, industry, utilities, and high density residential development and redevelopment.
In addition the Official Community Plan for the City of Merritt identified the revitalization of the downtown as a priority. In 2004, the Community Charter was introduced, offering a new revitalization tax exemption opportunity. As a result of this, the City of Merritt has established a downtown revitalization tax exemption program.
Council may enter into an agreement with property owners within the designated areas and upon issuance of an exemption certificate to the assessor; those improvements are exempt from municipal property value taxes for a period of time.
Click here to start your application for downtown revitalization today. Tax Revitalization Area Tax Exemption Bylaw 1925.
Please contact City Hall for more information.