(Canadian Press)

By Sheldon Spackman

Enticing New Home Buyers

Penhold continues tax break for new home buyers

Mar 17, 2021 | 3:34 PM

The Town of Penhold will continue to offer tax incentives for prospective new home buyers in the community.

Last week, council approved the continuation of the town’s New Home Tax Incentive Program for 2021. This means new home buyers in the community will be eligible for a two-year municipal portion tax reduction in the amount of 50 per cent for year one, and 25 per cent reduction for year two.

The rebate program which first began on May 1, 2020 will now be available until Dec. 31, 2021.

According to Town officials, the purpose of offering the incentive was to bring new residents into the community and showcase the living opportunities within Penhold.

From May 1, 2020 to the present, officials indicate nine homes have been purchased under the New Home Buyer Incentive Program.

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Mayor Mike Yargeau feels the program has been a success so far.

“It was something we wanted to keep going, so essentially we decided it was a good time to continue offering this to new home buyers,” he explains.

“To be honest, there really wasn’t any expectations. I mean, we were the first municipality in the area and I think in Alberta to do something like this, so we’re more just trying to attract some new growth and to get people thinking about Penhold.”

Yargeau notes that increased growth is important for the community as far as attracting new business, industrial, and commercial developments to the town.

“To me, it’s something that should keep going but we’ll see where we are in a year,” he points out. “Step one for us to bring in more businesses, is we need to make sure we’re bringing in a steady stream of potential employees or new residents. We’ve got a lot of potentially exciting developments in the works here that I believe are directly or indirectly related to some of the incentives that we’ve been offering.”