The City has recently expanded its tax moratorium program to include the inner-city, aiming to stimulate the renovation and revitalization of older buildings. This program, applicable to structures that are 25 years or older, offers significant tax relief to property owners before they undertake any renovation work.
The expansion of the tax moratorium is expected to encourage more individuals and businesses to invest in restoring and upgrading inner-city properties, thus fostering neighborhood renewal and preserving the historical character of the area.