Yorkton Council approved tax abatements totalling $52,257 on the municipal side and overall of $75,289 when school taxes are included.
“All properties are taxed on the basis of assessment, with tax notices sent out at the end of May,” Fred Schrader, Asst Director of Finance, with the City told the regular meeting of Council Monday. “Subject to The Cities Act, a Council may exempt any property from taxation in whole or in part with respect to a financial year. Various city policies also provide tax incentives that require Council approval. These incentives must receive Council approval on an annual basis.”
The municipal abatements include a number of ongoing incentives.
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 at 81-85 Rae Avenue. 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.
WDKL Enterprise Ltd. is in the final year for exemption of taxation that was previously approved under the City of Yorkton Enterprise Zone Incentive Program which was accessible for application until 2015. The program guidelines for exemption of taxation included Business Creation and Expansion, Brownfield Remediation and Vacant Property Tax Abatement. The ability to make an application to access the Enterprise Zone Incentive Program ended in 2015, and the policy is set for review in the future.