Fort Macleod, a town located in southern Alberta, is offering two different tax incentives to encourage economic development and growth. The two incentives are designed to attract new businesses to the area and encourage the expansion of existing businesses.
The first incentive is the Non-Residential Tax Incentive, which is a three-year program. The program offers a 100% municipal property tax exemption in the first year, a 75% exemption in the second year, and a 50% exemption in the third year. To qualify, non-residential properties must have a $50,000 increase in assessed value resulting from new construction or expansion, be located within the geographic boundaries of Fort Macleod, and have all necessary building and development permits.
The second incentive is the Residential Multi-Unit Tax Incentive, which is a four-year program. The program offers a 100% municipal property tax exemption in the first year, a 75% exemption in the second year, a 50% exemption in the third year, and a 25% exemption in the fourth year. To qualify, the property must be zoned Residential Multi-Unit, have a minimum $400,000 increase in assessed value resulting from new construction or expansion, have a minimum of four units or dwellings, be located within the geographic boundaries of Fort Macleod, and have all necessary building and development permits.
Both programs require applicants to submit a complete application along with a $100.00 application fee. The deadline for the Non-Residential Tax Incentive is October 1st of the year prior to the year in which the exemption is to commence, while the deadline for the Residential Multi-Unit Tax Incentive is May 15th of the year in which the requested exemption is to commence. Applications will be considered and approved by the Council, and if approved, a Tax Incentive Agreement will be drafted.
Overall, these tax incentives are aimed at stimulating economic growth in Fort Macleod by providing financial relief to businesses and property owners. By attracting new investment and encouraging the expansion of existing development, Fort Macleod hopes to strengthen its economy and create more opportunities for its residents.
Kris Holbeck, the Director of Finance for Fort Macleod, can provide more information about these tax incentives. Interested parties can reach out by emailing email@example.com or calling 403-553-4425.
Application forms and full Bylaws can be found on our website here: Tax Incentives