The City of Brooks has approved a new tax exemption policy for home builders. (Photo: City of Brooks)

By David Opinko/LethbridgeNewsNOW

City of Brooks approves tax exemptions for home builders

Jul 6, 2023 | 10:15 AM

BROOKS, AB – A municipality in southern Alberta has taken a step towards addressing a housing shortage in the community.

The City of Brooks council has approved the Residential New Build Incentives Policy.

Mayor John Petrie said that he hopes the incentives will encourage builders and developers to invest in the city.

“Council recognizes the need for more housing options in our community. We are committed to promoting residential development and ensuring the availability of attainable homes for our residents,” said Petrie.

During the first year of a new residential build, the policy grants a complete exemption of the municipal portion of property taxes. In the second year, the tax incentive drops to 75 per cent. Construction companies will receive a 50 per cent tax exemption in the third year and a 25 per cent exemption in the fourth year.

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The qualifying period of the program began on June 19 and will conclude on Dec. 31, 2025.

The City of Brooks is also offering a 15 per cent reduction in residential lot prices and a 25 per cent forgiveness of residential Building Permit Fees.

Council will consider the deferral of offsite levies on a case-by-case basis.

More details on the Residential New Build Incentive Policy are on the City of Brooks website.