The intent of the Non-Residential Tax Incentive Bylaw is to leverage the authority given to municipalities by the province to provide business incentives to build in the County of Barrhead. Pursuant to the MGA s. 364.2(2), the County of Barrhead Non-Residential Tax Incentive Bylaw provides for municipal tax exemptions that apply to:
· Non-Residential Assessment and Machinery & Equipment Assessment Classes;
· New construction, equipment, and improvements that result in an increase in assessment.
New construction or assessment improvements will benefit from a municipal tax exemption for up to 3 years depending on the value of the increase in non-residential or machinery and equipment assessment. As the County also recognizes the importance of retaining existing business the minimum threshold to qualify for an exemption is a $20,000 increase in assessment. However, a new business investing $25 million could realize approximately $1.3 million in a municipal tax exemption over 3 years.Read the full Press Release HERE.