Business and Multi-Family Tax Incentives
The City of Swift Current is pleased to offer the Multi-Family Incentive Program, Existing Business Expanding, and New Business Program which allows for the exemption of the increased taxable assessment caused by:
- The construction of new multi-family accommodations; and/or
- Rehabilitation and new construction work.
Eligible Properties
The Multifamily incentive, Existing Business Expanding and New Business Incentive Programs are available to property owners whose property is not tax delinquent and located within Downtown Swift Current District or within areas identified in the respective policies.
Multi-Family Incentive Policy:
This program allows for exemption of tax assessment of new multi-unit owner occupied residences and new multi-unit rental residences on a graduated basis of 25% the first year, 50% the second, and 100% for years 3-5. Full taxation will take effect in the sixth year. This incentive is to be applied once the new construction is ready for occupancy.
Existing Businesses Expanding Policy:
This program allows for a tax exemption to be applied to any increased assessment value of an existing building due to construction, expansion or new construction on bare land, or renovations requiring a building permit. This takes place on a graduated basis of 100% the first year, 100% the second, 50% the third, 25% the fourth and full taxation in the fifth.
Notwithstanding the normal five (5) year period over which the diminishing incentive applies, Council may in its sole discretion enter into Agreements which customize and approve each incentive package individually to any specific project.
New Businesses Incentive Policy:
This program allows for a tax exemption to be applied to any increased assessment value due to new construction, expansion or new construction on bare land, or renovations requiring a building permit. This takes place on a graduated basis of 100% the first year, 50% the second, 25% the third, and full taxation in the fourth. This applies only to new businesses that do not hold a valid City of Swift Current business license, and have not for a least one year’s time.
Notwithstanding the normal four (4) year period over which the diminishing incentive applies, Council may in its sole discretion enter into Agreements which customize and approve each incentive package individually to any specific project.
Application
Applications for the Multi-family incentive, Existing Business Expanding and New Business Incentive Programs must be received by the City of Swift Current within one year from the date of issue of the relevant building permit to be eligible. In cases where work is ongoing beyond one year from the date of issue of the building permit, written acknowledgement from the City of Swift Current is required by this date.