Can I apply for an LTE on a home I have already begun building or have built?
No. You must apply for the program before you obtain your building permit.
Can I rent out an LTE property prior to selling it?
No. If the LTE approved property is rented prior to selling it, the LTE will be permanently terminated.
How long do I have to construct and sell an LTE home?
Construction must be completed within two years of the exemption approval. Once constructed, the property must remain vacant while it is being marketed and sold.
Does the LTE automatically transfer to the initial homebuyer?
No. The initial homebuyer must submit a verification form and supporting documentation to PHB and qualify for the program prior to buying the home in order for the LTE to continue.
What about subsequent homebuyers? Does the LTE automatically transfer to subsequent homebuyers?
The tax exemption does transfer automatically provided the new homebuyer occupies the home as their primary residence.
When does the LTE begin?
The LTE begins with the new property tax year (July 1), following City Council approval.