The Town of Okotoks has established a property tax incentive program to incent the development of new industrial buildings in Okotoks.
In order to qualify for this program, a project must:
- Be located within the Town of Okotoks;
- Be in an area designated for industrial development as per the Town of Okotoks Land Use Bylaw;
- Meet the minimum “as built” construction value of $2,000,000 (two million dollars);
- Consist of either new building construction or significant renovation construction meeting the minimum threshold of $2,000,000 (two million dollars) actualized investment for new industrial developments or the expanded portion of industrial expansion developments;
- Obtain and comply with all applicable land use and safety codes approvals;
- Have received approval of occupancy under an approved building permit;
- Not have any portion of the building considered for use by a non-profit organization;
- Be applied for by the owner of the property registered on title at the time of the program approval;
- Not be in arrears in taxes, municipal utilities, or any other municipal charge;
- Maintain eligibility in each year of the program for which the tax incentive is approved.
Table 1 - Tax Incentive Structure Year Max % Tax Cancellation
|Year||Max % Tax Cancellation|
|1||75% of the value of the current year’s municipal tax levy in the first year of taxation of the new development|
|2||50% of the value of the current year’s municipal tax levy in the second year of taxation of the new development|
|3||25% of the value of the current year's municipal tax levy in the third year of taxation of the new development|
Please refer to the Industrial Tax Incentive Policy for more information about the program requirements.