Non-residential developments will be eligible for tiered tax rebates based on assessment value
StettlerLocal.com on January 24, 2023 at 7:38 pm
Town of Stettler Media Release
At the regular Council Meeting of December 19, 2023, Stettler Town Council unanimously approved a revised Tax Incentive Bylaw.
“With high interest rates and growing costs, the enhanced Tax Incentive Bylaw is an ideal way to stimulate commercial growth in the Town of Stettler," says Stettler Mayor Sean Nolls. "It is our hope that this program will help existing businesses expand, attract new entrepreneurs to our community, and demonstrate to established franchises that Stettler is the perfect place to do business.”
Bylaw 2164-23 can apply to any permanent, non-residential development, including new construction, revitalization, redevelopment, or expansion to an existing business that will generate a minimum of $5,000 to increase the new construction assessment. The tax
incentive applies solely to the increase in assessment amount, under the following formula:
SCHEDULE A – Incentive Levels & Duration New or Increased Assessment
New Construction or Revitalization/ Incentive Redevelopment (Increase in Assessment Value) | Year 1 Tax Incentive % | Year 2 Tax Incentive % | Year 3 Tax Incentive % | Year 4 Tax Incentive % | Year 5 Tax Incentive % |
$5000 - $100,000 | 100% | ||||
$100,001 - $500,000 | 100% | 50% | |||
$500,001 - $1,000,000 | 100% | 75% | 50% | ||
$1,000,001- $2,500,000 | 100% | 75% | 50% | 25% | |
$2,500,001 - $5,000,000 | 100% | 100% | 75% | 75% | |
$5,000,001 - $10,000,000 | 100% | 100% | 100% | 100% | |
$10,000,001+ | 100% | 100% | 100% | 100% | 100% |
Applicants can visit the Town of Stettler Office or website to fill out the initial form, after which the application will be held until the project is complete. The Town of Stettler will then review the application and allow the contracted assessor to determine the assessment increase resulting from the project.
To view the application form or to learn more about economic development in our community, please visit: stettler.net/work/economic-development