TISDALE — Tisdale council has changed a tax incentive for landlords of new and repurposed multi-unit rentals including townhouses, apartments and side-by-side duplexes.
Brad Hvidston, Tisdale’s administrator, said the incentive was created about a decade ago to coincide with a provincial incentive as well as handle a local rental shortage.
Under the new policy passed during the Sept. 13 council meeting, while any new multi-unit residential rentals will be eligible for a five year tax exemption on any increase to the taxable assessment of the property, repurposed multi-unit rentals will only be eligible for three years.
This replaces a flat five years on all new and repurposed multi-unit rentals.
“What we found is we were getting more move-ins than new builds,” Hvidston said. “We just tightened up the policy. We didn’t want to discourage people from moving buildings in and renovating them for rentals either, so we’re still providing them with a little bit of a tax incentive.”
In its decade, only four property owners applied for the tax incentive.
