Yorkton Council approved tax abatements under two existing programs 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,” said Shannon Bell, Director of Finance with the City. “These incentives must receive Council approval on an annual basis.”
The first abatements came through the Enterprise Zone Incentive Program.
The policy has expired and is currently under review; however the properties included in the program were previously approved under this program, explained Bell.
The program included Business Creation and Expansion, Brownfield Remediation and Vacant Property Tax Abatement.
Council approved abatements on two properties for a total of $12,487.
Miscellaneous abatements also were approved Monday. They included;
• 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 2014 Council approved an application by PR Developments for a five year 100 per cent 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.
• In 2016 Council approved a request by Yail Harbor Inc. for a five year 100 per cent tax exemption. The project was completed a few years ago and Council has agreed to have the five year exemption begin with 2014, therefore the exemption is in effect from 2014 to 2018.
• In 2016 Council approved an application by Greening Sources Holding Ltd. for a five year 100 per cent tax exemption under the Rental Housing Incentive Program for new housing at 115 Gladstone Ave. North. The improvements were completed in 2015 and added to the assessment roll in 2016, therefore the exemption is in effect from 2016 to 2020.
The City portion of taxes abated totalled $66,873.
