Heritage Property Owners May Enjoy Tax Relief

A Tax relief program has been proposed for owners of designated heritage properties, after members of Collingwood Town Council unanimously approved the staff report outlining the Heritage Property Tax Relief Program in December. The Winter 2010 Collingwood Heritage Newsletter states that the municipal program is subject to final budget approval. The program would offer a 10 percent tax relief to owners of properties designated under Part IV and Part V of the Ontario Heritage Act. The province of Ontario participates in the program by funding a 10 percent reduction in the education portion of the property tax.

The Staff Report states that heritage property tax relief is a financial tool for municipalities to help owners maintain and restore their properties for the benefit of the entire community by providing incentives for residential and commercial property owners to maintain and improve heritage designated properties.

Under the tax relief program, the owner of a large Part IV residential property with an assessed value of $654,000 would save $683 (10% of the town and education portion) on a total 2009 tax bill of $8,681.

Applications will be reviewed by the buuilding department and the Heritage Committee before recommendations are made to Collingwood council for approval.

The Collingwood Heritage Committee has revised grant guidelines. Ron Martin, staff advisor to the Heritage Committee, says the successful program is achieving its goal, helping designated property owners with the cost of major work to conserve or restore the heritage features of their properties.

Read more about the revised guidelines, and other topics of interest in the recently released Winter 2010 Collingwood Heritage Newsletter.