Residential Revitalization Tax Exemption

The Town of Creston will issue a Revitalization Tax Exemption Certificate upon execution of both agreements, and the tax incentive will begin in the tax year following project completion. The municipal portion of the following year’s tax notice should be similar to the amount paid prior to beginning construction. However, the actual amount depends on the tax rate adjusted annually through the Town budget process. The exemption only applies to the municipal portion of taxes that may have increased as a result of the development of rental dwelling units. School, RDCK, RCMP, and Hospital taxes will still be taxed at the full assessed value.

Many factors play into eligibility for the Program. Two key components are; a new dwelling unit must be constructed, and the owner must enter into a 'Housing Agreement' with the Town or BC Housing. The Housing Agreement secures the rental unit for 10-15 years, ensuring long-term rental opportunities for tenants. Refer to the Residential Revitalization Tax.

View the Revitalization Tax Exemption Bylaw to determine if you are eligible. In addition, feel free contact Community Planning and Development Staff to see if you qualify before applying.

Applications must be received no later than August 31, following project completion.

The project must be fully completed by this time. The tax exemption will be applicable in the following year. The Town of Creston will accept RTE applications in 2022, 2023, and 2024, with no applications accepted after August 31, 2024. The maximum term of an exemption under this Program is ten (10) years, commencing on January 1 year after the Revitalization Tax Exemption Certificate was issued as long as it was issued prior to October 31. 

1. Submit application for Development Permit if required.

2. Submit application for Building Permit.

3. Following project completion, complete a Residential Revitalization Tax Exemption Program Application prior to August 31st. The application may be collected and dropped off at Town Hall. In addition to the application, please include the following information:

• Project description, plans, and photographs;
• Assessed value of the property (current year);
• Confirmation that current taxes on the parcel are paid; and
• Copies of development permits, building permits, and occupancy permits as applicable.

4. Sign a Housing Agreement with the Town of Creston or BC Housing, depending on the development type.

5. Sign a Revitalization Tax Exemption Agreement with the Town.