3 Year Construction Period – The property will be 100% exempt above base amount (base amount calculation: Taxes based on the value of a year prior to start of construction). This credit will be received retroactively after implementation of exemption.
The average assessed value per condo unit of the Condo project(s) must not exceed $65,000 upon initial post-completion. The 20 year capped benefit includes a tax exemption (above base tax) throughout the construction period of up to 3 years, followed by an exemption of 14-20 years.
To benefit from a 100% exemption (above base tax) in years 1-14, the average assessed value per unit should not exceed $65,000 throughout the term. Otherwise, property taxes will be levied upon the residual assessed value above the $65,000 cap.
A Condo project is bound to receive 25% in tax exemptions for the subsequent 6 years as long as the average assessed value (per unit) is below $65,000. Correspondingly, property taxes will be levied upon the residual assessed value above the $65,000 cap.
Each condo owner is obligated to maintain their unit as primary residence for at least 5 years from acquisition.