Northern Rockies Regional Municipality

Industrial Revitalization Tax Exemption

The Industrial Revitalization Tax Exemption Program was developed to encourage investment and attract new industrial development as a way to increase economic activity and diversify Fort Nelson and the region’s economy and create permanent, local jobs.

The Program is available to individuals or companies who: 

  • Own property zoned either M-1 (Light Industrial), or M-2 (Heavy Industrial) in the NRRM Zoning Bylaw No. 119, 2016, and located geographically within the NRRM Official Community Plan Bylaw No. 64, 2011.
  • Invest a minimum of $1,000,000 in renovations or new construction to a parcel
  • Create and maintain a minimum of ten (10) permanent, local positions over the term of the agreement.

Projects meeting the above three minimum criteria, and fulfilling the conditions outlined within the NRRM Industrial Revitalization Tax Exemption Program Bylaw No. 161, 2018 (section 6) may be eligible for a revitalization tax exemption (on municipal property taxes) of ten (10) years, at a rate of 100% of the revitalized value of the property in years 1-5, and at a gradually reducing rate of 80%, 60%, 40%, 20%, and 10% in years 6 through 10. The revitalized value refers generally to the difference in assessed value of improvements pre and post-construction. 

To qualify for a revitalization tax exemption in the calendar year following a project’s completion, a property must be issued a Tax Exemption Certificate prior to October 31st of the current year. In order to meet this deadline, applications must be received by the Municipality no later than by August 31st annually.

More detailed information about the Industrial Revitalization Tax Exemption Program is available through the following resources:

 

Meta Navigation

Home | Latest News | Contact Us | Sitemap

August 29 showers 11.2°C