The City of Victoria has granted a 10-year B次元官网网址渢ax holidayB次元官网网址� to people purchasing units in the Customs House development B次元官网网址� but not everyone is on board.
Touted as the most expensive condominium project in Victoria, units at Customs House are reportedly selling between $1.6 million and $3.09 million, according to the Multiple Listing Service webpage.
During ThursdayB次元官网网址檚 committee of the whole meeting, councillors were divided over how the tax break would impact all residents of Victoria, not just the wealthy.
Coun. Jeremy Loveday argued that while it is important to preserve heritage sites, everyday taxpayers should not subsidize tax breaks granted to luxury home owners.
Coun. Ben Isitt supported Loveday, adding his concern over potential for the development to increase the vacancy rate. B次元官网网址淚 have zero interest in giving a 10-year tax holiday to a ghost hotel,B次元官网网址� Isitt told council.
A staff report stated the tax break mostly offset the $6.5-million cost of refurbishing the local landmark. Over 10 years, the tax break is projected to be worth approximately $5.4 million.
Coun. Geoff Young voiced concerns of a major earthquake destroying the heritage building, and Coun. Chris Coleman said it was unfair to refer to the program as a tax B次元官网网址渉olidayB次元官网网址� rather than a B次元官网网址渄eferral.B次元官网网址�
Launched in 1998, the CityB次元官网网址檚 tax incentive program has helped owners of heritage sites maintain older buildings. The City claimed that since itB次元官网网址檚 inception, the program has created 694 residential units in 43 buildings.
