Quinn Campbell from Global News Lethbridge reported on Fort Macleod’s Tax Incentives. Read the article below or watch the story here:
The Fort Macleod Veterinary Clinic is building a brand new building right next to its current one.
Dr. Todd Baker owns the business and says the clinic has outgrown its current building and needs to expand.
“The room is getting tight,” Baker said. “Between exams and surgeries, we are starting to get on top of one another, so we are trying to actually make it into a room that is wider as far as exam rooms.
“We are going to have six exam rooms versus two.”
The Town of Fort Macleod has rolled out a new tax bylaw. Chase Oberg with the Fort Macleod and District Chamber of Commerce said new businesses to Fort Macleod, or current businesses looking to expand, will qualify for staggered tax breaks.
“As long as there is a $50,000-improvement to that building on the property tax assessed value, they will get a three-year deferral of their property taxes on that incremental difference,” Oberg said.
A 100 per cent tax exemption on the difference will be given the first year, 75 per cent in the second year and 50 per cent in the third year.
“When you’re not paying property taxes on a significant portion of your property value, that can help with your cash-flow going to other areas for your strategic development in your plan,” Oberg added.
Baker hopes the tax break will encourage businesses to really consider Fort Macleod as a place to open a business, or to expand like he is.
“I hope that the town businesses can keep growing and bring… more life to this town,” he said. “It’s a very good town and I’m very happy that they are willing to do this incentive to allow the growth and to boost the economy.”
The town deferred non-residential taxes until the end of August due to the COVID-19 pandemic and said it is looking into possible incentives for businesses in the community that don’t fall under the new bylaw.