City of Richmond Hill Tax Increment Equivalent Grant
A tax increment equivalent grant helps offset municipal tax increases from eligible major redevelopment projects in Richmond Hill CIP areas.
About this program
The City of Richmond Hill Tax Increment Equivalent Grant supports significant private investment in designated Community Improvement Plan areas by returning a portion of the municipal property tax increase generated by an approved project. The incentive is intended for eligible redevelopment, rehabilitation, and intensification projects that increase property assessment and advance Richmond Hill's local economic development objectives.
Eligibility
Eligible applicants are property owners undertaking approved redevelopment, rehabilitation, or intensification projects in a Richmond Hill Community Improvement Plan area that create an increase in municipal property tax assessment.
Requirements
- Property must be located in an eligible Richmond Hill Community Improvement Plan area.
- Project must involve eligible redevelopment, rehabilitation, or intensification work.
- Applicant must apply before beginning eligible work or before finalizing the project.