(Town of Yarmouth photo)
More business owners in Downtown Yarmouth are taking advantage of a tax rebate program.
Mayor Pam Mood says eligible property owners enter into a “Phased In Assessment Agreement” with the Town, based on the Province’s Municipal Government Act, if they have undertaken development of the property.
The rebate helps ease the burden of the increase to the taxable assessed value of the redeveloped properties.
“What happens is, the difference between what your assessment was and what it is, is a a ten-year time frame in which to get to one hundred percent of tour taxes. So, we would do the taxes based every year on a ten percent increase, so you would pay a hundred percent the first year and we’d give you a ninety percent rebate.”
The Mayor says this program, like the facade program, is making a big difference in attracting people to businesses.
“The ability to take that little bit of extra funds and invest it back in wherever you want those funds to go, if you match that together with the facade program, you’ve got a win all the way around. I don’t think you can go downtown and not see the difference that’s happened since we’ve implemented these programs.”
Mayor Mood says the rebate, along with the facade program, has been instrumental in the revitalization of the downtown.
Property owners within the Central Business District can find out if they are eligible by contacting Town Hall.
