Local businesses looking to build new, expand, increase or refine their operations can look forward to significant tax savings with the new non-residential tax incentive program. Eligible business properties under the incentive program include:
- New Non-Residential development with an assessed value of $250,000 or more; and
- Refurbishment or expansion of an existing Non-Residential property of $50,000 or more.
The amount of exemption will depend on the amount of assessed value generated from the project, with two tiers of exemptions being proposed for projects with an assessed value between $50,000 and 1 million, and over 1 million, respectively:
THINGS TO NOTE:
- For existing properties, the exemption would only be granted on the increased assessment amount.
- As an example, if a non-residential property originally assessed at $500,000 underwent an improvement which resulted in an assessment increase of $100,000, the exemption would only apply to the amount of the assessment increase ($100,00).
- In order to be deemed eligible for a tax exemption, an applicant must meet a variety of criteria outlined in the Tax Incentive Bylaw, including compliance with current Development and Safety Codes permits and having no outstanding tax, utility or other debts to the Town.
- Any tax exemption will be limited to the general municipal portion of the property tax bill. Amounts charged by the province for education taxes, as well as requisitions for senior’s housing bodies, are not within the Town’s jurisdiction and not eligible for tax exemption.
- The exemption is not combinable with any other tax exemption or credit granted by the Town or under the Municipal Government Act.
- Applications must be made by December 31, preceding the first year of the tax exemption (within one year of building occupancy).
|Call us: 780-349-4444|
|Email us: firstname.lastname@example.org|
|In-Person: 10003-106 Street, Westlock, AB|