POLICY # 1107
CATEGORY: FINANCIAL MANAGEMENT
TITLE: TAX INCENTIVE
EFFECTIVE DATE:
AMENDMENT DATE:
NEW CONSTRUCTION:
Residential - Land and Improvement tax exemption for the building year and the following year.
Commercial - Business, Land and Improvement tax exemption for the building year and the following two years.
To qualify under this section the proposed development must be significantly different from the business that was previously operating in this location.
This section does not apply to the renovation or extension to an existing building.
NEW BUSINESS ESTABLISHED IN EXISTING BUILDING:
Two years of Business, Land and Improvement tax exemption from the date of commencement of the business.
In the event of rental or lease of a building - the lessee will receive two years of business tax exemption from the commencement of the business.
To qualify under this section the proposed business development must be significantly different from the business that was previously operating in this location.
This section does not apply to the renovation or extension to an existing building.
NEW INDUSTRIAL OR MANUFACTURING BUSINESS:
Three years of Business, Land and Improvement tax exemption from the date of commencement of the business.
In the 4th year a credit of $500 for each full-time employee will be applied to the owner’s property tax (i.e: 5 employees = $2,500).
In the 5th year a credit of $250 for each full-time employee will be applied to the owner’s property tax.
HOME BASED BUSINESS: