| Tax relief for heritage properties
Cornwall City Council has established a Heritage Property Tax Relief Program for all historically designated properties in the city. The program gives 40 percent tax relief to all eligible properties up to $10,000 a year Due to the age and inefficiencies of older structures, owners of heritage properties tend to incur higher maintenance and repair costs. Designated heritage properties are also subject to development restrictions that inhibit owners from maximizing the use of their property. The Ontario government has created tax incentives for heritage properties to encourage the restoration and preservation of heritage buildings. Announced in the 2001 Ontario Budget and legislated on December 5, 2001, the government has given municipalities the ability to provide property tax relief to heritage building owners. Property tax reductions may be provided to owners of heritage properties at the option of local municipalities. The tax reduction can be processed as a credit on the tax bill or as a refund after payment of taxes. Heritage buildings are designated under the Ontario Heritage Act and are generally of historical or architectural value. To be eligible for tax relief under this program, a property must be: -designated under Part IV or Part V of the Ontario Heritage Act; -subject to an agreement respecting the preservation and maintenance of the property (the agreement may be an easement under the Ontario Heritage Act or another form of agreement specified by the local municipality). Heritage property owners are eligible for tax relief of 10 to 40 per cent of the taxes levied on the property. Municipalities choose the percentage of relief, and may apply different percentages to different property classes. Municipalities will fund their portion of the tax relief, and the Province will automatically fund the education portion by the same percentage. Property owners must apply to their local municipality for tax relief under this program. An application is required for the first year that a property enters the program, and subsequent applications may be required at the request of local municipalities.
Designation Is In Your Favour
THE BENEFITS OF HERITAGE DESIGNATION |