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Targeted Industrial Tax Incentive Policy

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
YearMax % Tax Cancellation
175% of the value of the current year’s municipal tax levy in the first year of taxation of the new development
250% of the value of the current year’s municipal tax levy in the second year of taxation of the new development
325% 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.