By rdnewsNOW staff

easier to qualify

Ponoka updates home improvement incentive program to offer property tax breaks

Sep 29, 2020 | 3:11 PM

Ponoka town council has approved the lowering of the qualification threshold on the town’s Assessment Increase Incentive for Major Home Renovations so more local citizens can qualify for property tax breaks.

The incentive is part of Ponoka’s New Resident Attraction and Incentive Program designed to attract new residents by offering property tax breaks and financial incentives to home buyers who move to Ponoka from outside the community, and to people who build new homes in town. The program also encourages existing residents to complete major renovations on their homes which increase their property assessment value.

Until now, those renovations had to increase the property’s total assessment value by at least 50 per cent. However, Council has now lowered that qualifying limit to only 20 per cent and excluded land from the assessment value calculation.

Residents who complete renovations between March 15, 2020 and December 31, 2021, which increase their property assessment value by at least 20 per cent will now receive a 75 per cent reduction on the increase in the municipal portion of their taxes in Year 1; a 50 per cent reduction on the increase in Year 2; and a 25 per cent reduction on the increase in Year 3.

“We want as many of our residents to qualify for the tax incentive as possible,” said Ponoka Mayor Rick Bonnett, in a press release. “It creates economic activity locally. It also encourages more of our citizens to renovate their homes, which in turn helps beautify our community and increases the Town’s overall assessment base,” he added.

mayor hopes to meet housing minister this month

Alberta demands Ottawa back off on housing funding stripped from Red Deer

15h ago

Last seen Jan. 15

Missing: Courtney Cattleman, 17, of Maskwacis

20h ago

eyes up

Air Spray training around Red Deer Regional Airport

21h ago

Examples of major renovations that may qualify for the program include:

• Finishing a basement;
• Building an attached or detached garage;
• Building an addition to increase square footage of a home;
• Major kitchen renovations; and
• Complete renovation of a main living area.

Since launching the New Resident Attraction and Incentive Program earlier this month, town officials say Ponoka has already begun welcoming new residents who qualify for incentives.

“It’s exciting to see that the program is working,” said Mayor Bonnett. “By attracting new residents, encouraging the construction of new houses and encouraging major renovations on existing homes, Ponoka is increasing its tax and assessment base, and generating new revenue to help our community grow and thrive into the future.”

“Attracting new residents also increases the number of people who shop at our local businesses, which helps build a stronger local economy,” he added.

Buyers of resale homes who move into the home from a municipality outside of Ponoka can receive a one-time-per-property New Resident Grant of $1000, or $500 in the case of a manufactured home purchased in a manufactured home park.