Incentives for Businesses
PROPERTY TAX ADJUSTMENTS
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.
PURCHASE OF EXISTING BUILDINGS/BUSINESS
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.
PRIMARY BUSINESSES
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
REQUIREMENT
Council may require that anyone receiving property tax adjustments or assessments exemption, with regards to these policies, are in good standing with the Town and any account(s) with the Town of Shaunavon are current. |
