Existing Business Tax Incentives

Existing Business Tax Incentives

Definition of an Existing Business:

– A business subject to commercial taxation, thus home-based businesses and businesses subject to grants in lieu are excluded.

Any existing business will qualify for the following assessment exemptions:

– The assessment exemption will be applied to any increased assessed value, (improvement), of an existing building due to new construction;

– The assessment exemption will be applied to any increased assessed value, (improvement), of an existing building due to renovations that require a building permit.

– The exemption will also be applied to the assessed value of any expansion or new construction on bare land.

* The exemption does not apply to the assessment of the land.

The exemption will be applied as follows:

100% exempt in year one

100% exempt in year two

50% exempt in year three

25% exempt in year four

Full taxation in year five

The exemptions are applied once the expansion (additions/improvements) or new construction is assessable.

* Council reserves the right to approve each incentive package individually and to customize incentives to any specific project.

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