New and existing developments of certain value in the Salmon Arm Industrial Park will now be exempt from municipal taxes.
The Industrial Revitalization Tax Exemption Program, which closely mimics the current downtown taxation program, was read for a final time and carried at the June 23 Salmon Arm council meeting.
The program permits municipal tax exemption for the construction of either a new improvement or an existing improvement if the value exceeds $300,000, as assessed by the BC Assessment Authority.
The program was developed in order to revitalize and grow the industrial park.