Tax exemptions
Coquitlam Now -- Port Coquitlam
October 13, 2006
By: Jennifer Saltman

EXCERPT

Port Coquitlam council unanimously approved the first three readings of changes to its permissive tax exemption bylaw Tuesday and allowed another local non-profit to be exempted from paying property taxes.

The changes modify the city's property tax exemption policy to include non-profit occupiers of school property, sparked by a request from the Cedar Drive Preschool Society.

There are now 11 school board properties occupied by daycares in Port Coquitlam -- only Cedar Drive and PoCo Dots Daycare Society have non-profit status.

Currently the city grants a 100-per-cent property tax exemption to occupiers of city property only...

If the city passes final reading of the bylaw amendment, a 10-year (2007 to 2016 inclusive) property tax exemption for 2007 will be granted for the Cedar Drive Preschool Society.

The bylaw changes also include a penalty provision for all existing permissive exemptions if they breach the conditions of exemption. An example of a breach could be losing non-profit status, and penalties include the city revoking the exemption and repayment of exempted taxes from the date the condition was breached.