Property tax incentives

Overview

Bill 7: the Municipal Government (Property Tax Incentives) Amendment Act will help municipalities attract investment and development by giving them the power to offer stronger property tax incentives to business and industry.

The multi-year tax incentives will provide another tool to encourage economic development and provide more incentives for brownfield property redevelopment to revitalize communities.

Key changes

Bill 7 will allow municipalities to decide if, and how, to implement the tax incentives by passing a single bylaw that will:

• offer incentives to reduce, exempt or defer the collection of property taxes for non-residential properties for up to 15 years, with the option for renewal
• establish an eligibility criteria and application process to streamline tax incentive offers, instead of requiring a separate council resolution or bylaw for each property

This will provide one of the longest municipal tax incentive timelines in North America, making Alberta a highly attractive destination for investment.

• Saskatchewan allows property tax incentives for up to 5 years
• B.C. allows them for up to 10 years
• Louisiana offers 5-year incentives with an option to renew for an additional 5 years
• Texas offers local tax incentives for up to 10 years

News

Revitalizing municipalities across Alberta (June 4, 2019)