Tax Incentives

NEW CONTRUCTION:

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:

• One year of business tax exemption from the date of commencement of the business.