Yorkton Council approved tax abatements for 2015 on several properties within the city at its regular meeting Monday.
All properties are taxed on the basis of assessment, with tax notices sent out at the end of May. Various city policies provide tax incentives that require Council approval. These incentives must receive Council approval on an annual basis.
Shannon Bell, Director of Finance with the City told Council three abatements fell within the ‘other’ category. They are;
*The School Divisions have agreed to abate Saskatchewan Abilities and the SIGN building located at 83 North Street. The City does not abate these properties. They are taxed under the Church Hall and Miscellaneous tax category at a lower rate.
*In 2012 Council approved a 5 year abatement agreement for two properties owned by the Provincial Metis Housing Corporation at 155 and 159 Ontario Avenue. The exemption is in effect from 2012 to 2016.
*In 2014 Council approved an application by PR Developments for a 5 year 100% tax exemption under the Rental Housing Incentive Program for a new multi-family rental unit at 44 Allanbrooke Drive (29 units). The improvements were completed in 2014 and added to the assessment roll in 2015, therefore the exemption is in effect from 2015 to 2019.
The municipal taxes on the properties totalled $31,492, as well those dollars as those collected for the city’s two school divisions.
Council also approved continued abatements through the Enterprise Zone Incentive Program (EZIP).
The EZIP policy has expired and is currently under review; however the properties included in the Bylaw were previously approved under this program. The program included Business Creation and Expansion, Brownfield Remediation and Vacant Property Tax Abatement, explained material circulated.
The EZIP abatements total $32,165 in municipal taxes, as well those dollars as those collected for the city’s two school divisions.
