Brooks opts to offer sliding-scale tax breaks on new housing
By MEDICINE HAT NEWS on July 12, 2023.
https://www.medicinehatnews.com@MedicineHatNews The City of Brooks will forgive portions of municipal tax paid on new housing on a sliding scale over four years, along with some other discounts on lot costs and fees, that city’s council announced this week. In May, council directed staff to develop a program to help bolster housing development, after officials were approached by several developers. It was brought forward and approved June 19, though no cost estimates were provided in the meeting’s publicly available package. “Council recognizes the need for more housing options in our community,” said Mayor John Petrie in a release. “We are committed to promoting residential development and ensuring the availability of attainable homes for our residents. These new incentives will encourage builders and developers to invest in our city and contribute to our growth.” The “Residential Build Incentive” program would initially eliminate the municipal portion of tax bills on news housing in the year it is built between this summer and the end of 2025. That offset would be eliminated by one quarter per year until they are fully taxable in the fifth year. As well, the city will offer a 15 per cent discount on lots sold by the municipality, a 25 per cent reduction on permit fees and the potential to defer offsite levies on a case-by-case basis if a substantial deposit is made. 8-7
