Heritage property exemptions or incentives reduce property taxes for owners of designated heritage properties, recognizing that heritage conservation creates public benefits while imposing additional costs on owners. Programs vary by province and municipality but may include: partial property tax exemptions, freezing assessments at pre-designation levels to prevent tax increases from heritage investments, grants for restoration work, or reductions tied to documented heritage maintenance spending. These incentives address a fundamental heritage conservation challenge: owners bear extra costs (restrictions on alterations, maintenance requirements, specialized repairs) while benefits (neighbourhood character, tourism, cultural identity) are shared publicly. Without financial recognition, owners might demolish heritage buildings to escape obligations or let them deteriorate. Effective heritage incentive programs balance meaningful owner relief against foregone municipal revenue and ensure benefits reach properties genuinely undertaking heritage conservation.