|
The Town of Cobourg enacted a By-Law
in 1998 for restored and or renovated Property in the Historic
Downtown. The intent of the By-Law 12/98 is to encourage development
and renovation of the Downtown Core.
The effect of the By-Law as,
quoted in the Towns Heritage Programs Information Guide,
(Volume 2 of 3) is as follows:
"The amount of the Grant is equal
to the amount of the annual increase in the municipal portion of the
real property taxes for such property that is the direct result of a
re-assessment due to an approved restoration project. The calculation
is then provided as a credit against the property owner's property
taxes annually for a maximum period of ten consecutive years."
King George Mews has been
approved by the Town of Cobourg and it's Local Architectural
Conservation Authority Committee (LACAC) a Committee of Council for
the Town of Cobourg.
We believe (without Commitment)
that this Incentive - Applicable to The Town portion of the Taxes,
should apply to most, if not all, of the Units in the Condominium and
MAY result in a reduction of your Property Taxes, initially to $1,500
or less p.a. for a MAXIMUM period of 10 years from the date of
Purchase, although this WILL rise IF the Town increases the Mill Rate
at it's annual Budget review.
Please see the By-Law
(12/98) at:
http://www.cobourg.ca/images/stories/docs/Default/Heritage_incentives_bylaw12-98.pdf
|
