Morinville councillors have approved a new tax break that could encourage more businesses to set up shop in town.
Morinville town council approved a non-residential property tax incentive bylaw Jan. 24 in a 6-0 vote (Coun. Stephen Dafoe absent).
The tax was part of council’s efforts to expand Morinville’s tax base by attracting non-residential development.
The bylaw offers a three-year tax break to anyone who builds a new non-residential development worth at least $250,000 in Morinville or does at least $50,000 in renovations to a non-residential property in the town. The break starts at 75 per cent in the first year and falls to 50 and 25 per cent thereafter. Eligible properties must have been built or renovated between Jan. 1, 2023 and Dec. 31, 2032, and can only receive this tax break once. Applicants who are behind on tax payments or in violation of development permits are ineligible for the tax break.
In response to council requests, town financial services manager Travis Nosko said he added a requirement to the bylaw for it to be reviewed at least twice before 2032, with said reviews happening at least once every four years.
The tax break follows a similar 50 per cent one-year tax break offered to businesses by Morinville from 2020-2022. Nosko said just two businesses received that tax break, with some $27,450 in rebates distributed.
Nosko said the town would start promoting this tax break to potential investors immediately.
Mayor Simon Boersma said this tax break would be great for Morinville and should help local businesses improve their storefronts.