By Josh Hall (Twitter: @Vancan19)

attraction and retention

Ponoka offering new financial incentives to attract residents

Aug 24, 2020 | 1:34 PM

The Town of Ponoka is offering a new program for residents it says will offer property tax breaks and financial incentives.

The Resident Attraction and Incentive Program will offer these incentives to new home buyers in Ponoka, new residents who purchase an existing home in the town, and residents who complete a major renovation which results in an increased property assessment value of at least 50 per cent on their existing home.

“It’s all about attracting new residents to our community and helping our local economy rebound from the negative impact of COVID-19 and the downturn in oil and gas prices,” said Ponoka Mayor Rick Bonnett.

“By attracting new residents, encouraging the construction of new houses and encouraging major renovations on existing homes, we can increase our tax and assessment base, and generate new revenue to help our community grow and thrive in the future. Attracting new residents also increases the number of people who shop at our local businesses, which helps build a stronger local economy.”

The program will start September 1, 2020, along with a marketing campaign taking place to promote the program in larger urban centres.

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“We’ll be marketing this program in places like Edmonton. The COVID-19 pandemic has created a new work-from-home reality for many people which means they can live anywhere while working from home, including a smaller community where the cost of living is lower,” said Bonnett. “The pandemic has ignited interest among city dwellers in the lifestyle offered by smaller communities where our COVID infection rates remain low, we have plenty of parks and green spaces, and there are no long line ups at our local stores.”

Bonnett notes the fact Ponoka has high-speed fibre optic internet is one huge advantage to living in Ponoka, not to mention its central location on the QEII.

Benefits include:

– Buyers of Newly-Built Homes that the owner occupies as their primary residence will receive a 75 per cent reduction on the municipal portion of their property taxes in Year 1 following the purchase of the new home; a 50 per cent reduction in municipal taxes in Year 2; and a 25 per cent reduction in municipal taxes in Year 3. This incentive will be available to new and existing residents of Ponoka;

– Buyers of Resale Homes who move into the home from a municipality outside of Ponoka will receive a one-time-per-property grant of $1000 the year after purchase, or $500 in the case of a manufactured home purchase in a manufactured home park; and

– Homeowners Who Complete Major Renovations on their existing home, resulting in at least a 50 per cent increase in the assessed value of that home, will receive a 75 per cent reduction on the increase in the municipal portion of their taxes in Year 1; a 50 per cent reduction in Year 2; and a 25 per cent reduction in Year 3. This incentive will be available to new and existing residents of Ponoka.

Application forms will be available at www.ponoka.ca starting September 1, and there will also be paper copies at the Town office (200, 5604-50 Street).