542.2. The council may, within the scope of a revitalization program, order by by-law that the municipality, on the conditions and in the sectors of its territory it determines, grant a subsidy to compensate for any increase in real estate taxes that may result from the reassessment of the immovables after completion of the work.
In no case may the amount of the subsidies contemplated in the first paragraph exceed the following amounts:(1) for the fiscal year in which the work was completed and the following fiscal years, that amount must not exceed the difference between the amount of the real estates taxes that would be due had the assessment of the immovable not been changed and the amount of the taxes actually due; and
(2) for the second fiscal year following the fiscal year in which the work was completed, that amount must not exceed 50 % of the difference between the amount of the real estate taxes that would be due had the assessment of the immovable not been changed and the amount of the taxes actually due.
Where any entry on the roll relating to an immovable eligible for a subsidy under this section is contested, the subsidy is paid only when a final decision has been rendered on the contestation.
In the case of a residential immovable, no subsidy is payable unless the owner proves, in the manner prescribed in the by-law, that the price charged to his lessees for rent has not been increased as a result of the increase in the real estate taxes.
1983, c. 57, s. 57; 1985, c. 27, s. 32; 1996, c. 2, s. 195.