Ponoka Town Council has renewed its New Resident and Business Incentive Programs for the 2022 year with a few changes to the programs that were in place last year. The purpose of the four incentive programs that have been renewed is to continue attracting new residents and businesses to move to Ponoka.
“By attracting new residents and businesses, encouraging the construction of new houses and commercial properties, and encouraging major renovations on existing homes, we can increase our tax and assessment base. It’s all about helping our community and the local economy grow and thrive into the future,” said Ponoka Mayor Kevin Ferguson.
The New Resident Incentive Program offers a one-year family recreation pass for new residents who buy and move into a home in the Town of Ponoka in 2022. To qualify, they must have moved here from a municipality outside of Ponoka.
The family recreation pass offers a one-year admission to the Ponoka Aquaplex, which features a 25-metre indoor swimming pool, wading pool, deep tank with a 10-foot corkscrew slide, hot tub and sauna. The pass also includes access to racquetball, drop-in badminton, basketball, dodgeball and floor hockey at the Ponoka Arena Complex.
Residential New Build Incentive: For existing residents and new residents who build or buy a newly-built home in the Town of Ponoka in 2022. To qualify, the owner must occupy the new home as their primary residence, and can enjoy the following tax savings over three years:
- 75 per cent reduction on the municipal portion of your property taxes in Year 1 following purchase or construction of a new home;
- 50 per cent reduction in Year 2; and
- 25 per cent reduction in Year 3.
The New Business Grant offers a one-time-per-business grant payment of up to $1,000 for businesses that are new to Ponoka in 2022, reside and operate in the Town and have not previously operated here.
To be eligible, the business must hold a valid 2022 Town of Ponoka business licence or be exempt from requiring a business licence. The grants are being awarded on a first-come, first-served basis ($10,000 has been allocated to the program).
The Major Home Renovations Incentive Program allows Ponoka residents who complete major renovations on their home that increase their property’s assessment value by at least 20 per cent (excluding land assessment value) in 2022 can qualify for the following property tax breaks:
- 75 per cent reduction on the assessment increase in the municipal portion of their property taxes in Year 1
- 50 per cent reduction on the increase in Year 2
- 25 per cent reduction in Year 3
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 or complete renovation of a main living area.
The qualifying period for all of the above incentive programs is from January 1 to December 31, 2022.
The Town is also continuing to offer a Commercial New Build Incentive, which offers property tax breaks to new or existing commercial businesses that build a new property (or demolish and build a new property) on commercially- zoned land in Ponoka.
Town Council approved the one-time-per-business Commercial New Build Incentive back in 2020 with the application period being from January 1, 2021 until December 31, 2022.
Eligible businesses can receive the following reductions in their municipal property taxes over a three-year period, beginning the first year after the occupancy permit is issued:
- A 75 per cent reduction in the municipal portion of their property taxes in the first year;
- A 50 per cent reduction in the second year; and
- A 25 per cent reduction in the third year.
Applications for all five incentive programs are now being accepted. Application forms are posted on the Town of Ponoka website at www.ponoka.ca under ‘Town Hall’ on the main menu. Paper copies of the application forms are also available at the Town Office at the Ponoka Civic Centre (200, 5604 50 Street).