Economic and Community Development Incentives

 

CONSTRUCTION OF BUILDINGS
Any business that builds a new facility, or any business that builds an addition to its facility that at least increases its assessment by 25% or its interior square footage by 50%, will be exempted taxes on the additional improvements in the amount of:

-          100% for the balance of the calendar year in which the construction begins;

-          2/3 in the first full calendar year following the commencement of construction;

-          1/3 in the second full calendar year following the commencement of construction.

 

Anyone purchasing an existing business or an existing building for a new business may be eligible to have the building portion of the tax levy abated or assessment exempt for the month the business opens and the 11 months following.   An application must be submitted to Town Council for consideration.

 

Anyone building a new home will be provided tax exemptions on the improvements in the amount of:

-          100% for the balance of the calendar year in which the construction begins;

-          2/3 in the first full calendar year following the commencement of construction;

-          1/3 in the second full calendar year following the commencement of construction.

 

Anyone moving in a home or an RTM will be provided tax exemptions on the improvements in the amount of:

-          100% for the balance of the calendar year in which the house is moved in;

-          2/3 in the first full calendar year following the move;

-          1/3 in the second full calendar year following the move.

In each year council will consider abating a portion of the property taxes (or exempting the assessment) for those properties that meet the following requirements:

            i)          The building on the property has been improved, added to, or an accessory building

constructed, so that the improvement portion of the assessment for that property has increased.

ii)         A building permit was applied for by the property owner or agent on behalf of the owner, prior to the work being done.

The abatement will be calculated as follows:

i)          In the first full calendar year following the commencement of construction a tax abatement (or assessment exemption) will be done so that any increase in assessment does not increase the property owner(s) tax payment for that year.

In the year that construction is begun there will be no increase to the tax levy.

 

Council may consider granting other incentives at their discretion for primary businesses, these incentives will be based on the perceived merits of the primary business (eg. land tax breaks). Examples of merits to be considered would be start-up employment, future employment potential, diversification, spin-off business potentials.                                                            filename:   proptaxex.doc            Adopted March 20, 2007