(Town of Penhold)

By Sheldon Spackman

Incentive Program

Town of Penhold launches New Home Buyer Incentive Program

May 1, 2020 | 10:52 AM

The Town of Penhold has launched a new initiative aimed at enticing people to choose Penhold as their home.

The New Home Buyer Incentive Program offers individuals purchasing a newly built home a municipal tax reduction of 50 per cent the first year, and 25 per cent in the second year they own their home.

Mayor Mike Yargeau says the program applies to new homes built in town.

“The goal is to stimulate economic growth as we come out of the COVID-19 pandemic and also help Penhold grow which will help reduce taxes for all residents,” explains Yargeau. “It is more important than ever now for governments to do what we can to support our local developers, and builders. This incentive will help create local jobs and help us grow our community.”

According to Town officials, “new” means properties that have never been lived in or homes purchased in the pre-construction phase. Anyone who is purchasing a newly constructed, or never lived in, home is eligible for the program.

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“The goal is to see increased commercial growth in our newly annexed land in order to give us a better balance between our residential and commercial tax base,” adds Yargeau. “More houses and more residents will help us get to that goal. Penhold is taking an aggressive approach to economic development, and we are working with all of our local developers and builders and letting them know that Penhold is open for business.”

Officials note, however, if you sell your home prior to May 1 of the second year, you will lose your second year rebate.

All licensed builders who have newly constructed, not lived in homes qualify.

Builders that currently have new home constructions in Penhold include Abbey Platinum Master Builders, Asset Builders, CJ Madison Homes, Laebon Homes, Larkaun Homes, Unique Elevations.

The Town of Penhold’s New Home Buyer Incentive Program begins May 1 and will be available until Dec. 31, 2021.