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.