On September 29, 2017, the Town of Amherst enacted a by-law establishing a Commercial Development Support Program, designed to stimulate building construction and expand the economy.
The Town of Amherst’s By-Law P-9, takes advantage of the recent change to the Municipal Government Act (through Bill 177) to “authorize municipal councils to make a by-law providing for the phasing-in, over a period of up to 10 years, of an increase to the taxable assessed value of certain or contaminated properties located in a commercial development district established by by-law and further providing for the cancellation, reduction or refund of taxes paid as a result of the phasing-in.”
This means that property owners within the Commercial Development District (CDD) can apply for annual partial rebates of up to ten years on commercial taxes if you have undertaken development of the property. Development can include new building construction, or the expansion of an existing building to realize more effective utilization of the property’s potential.
The Development Support Program was established to provide assistance to owners of eligible properties by providing the possibility of an annual partial rebate on taxes paid by the owner. The rebates are designed to stimulate building construction and the expansion of the economy of the Town. The Development Support Program may provide a participating owner with a partial rebate on taxes paid on an eligible property by utilizing all or a portion of the “Rebate Eligible Assessment.”