The Rural Municipality of Ritchot is committed to fostering economic growth and supporting businesses that invest in our community. Through By-Law 15-2019, we offer a Business Incentive Program designed to provide financial assistance to property improvements that increase assessed value.
What is the Business Incentive Program?
This program provides tax credits to property owners who construct, renovate, or expand commercial buildings within Ritchot that increase the assessed value of the property. Eligible improvements can significantly reduce your municipal tax burden for up to five years.
How It Works
- Eligible Properties: Classified as “Other Property” under the Municipal Assessment Act.
- Financial Assistance: Annual tax credits based on incremental taxes (the increase in municipal taxes due to property improvements).
- Duration: Up to 5 years, depending on the increase in assessed value.
- Credit Schedule:
- Year 1: 100%
- Year 2: 75%
- Year 3: 50%
- Year 4: 25%
- Year 5: 10%
Eligibility Requirements
To qualify:
- Property taxes must be paid in full and not in arrears.
- Owner must not owe other debts to the Municipality.
- Property must comply with municipal by-laws.
- An active business must operate from the property.
- Assessed value increase must be at least $10,000.
Example
A new building with an assessed value of $800,000 could receive approximately $10,748.40 in tax credits over 5 years.
How to Apply
Applications can be submitted by property owners to info@ritchot.com.