Hamilton Tax Increment Grant Program
The intent of the Hamilton Tax Increment Grant Program is to provide an economic catalyst for developing, redeveloping or renovating residential / commercial lands and buildings located within Downtown Hamilton, Community Downtowns, the Mount Hope / Airport Gateway, Business Improvement Areas (BIAs), and those properties within the City boundary designated under the Ontario Heritage Act.
This Program authorizes for each approved grant application, a five year grant, the amount of which is subject to Council approval, in an amount not exceeding the increase in municipal realty taxes. The increase in municipal realty taxes (City portion only) will be based on either the year in which the building permit that initiated the development / redevelopment was issued or, for properties where the proposed development / redevelopment does not require a building permit, the year in which City Council approved the grant amount, and, the first full year in which the property is reassessed. The grant shall be an amount which does not exceed 100% of the municipal realty tax increase during year one, 80% in year two, 60% in year three, 40% in year four, and 20% in year five. For purposes of determining the eligible amount of the increase in municipal realty taxes, special charges, including BIA levies, shall be excluded from the calculation. The grant would reduce the effect of an increase in municipal realty taxes attributable to the differential between the pre-renovation assessment and the post-renovation assessment.
Properties must meet qualifying criteria to be eligible, as outlined in the Hamilton Tax Increment Grant Program description.