The Town of Nanton has implemented two key bylaws—Non-Residential Tax Incentive Bylaw (1386/24) and Property Assessment Sub-Class Bylaw (1400/24)—designed to stimulate economic growth, support small businesses, and encourage development and revitalization within the community. These bylaws outline specific property tax mechanisms and set criteria for various property subclasses that offer varying tax rates. The goals of these bylaws are to ensure a fair and transparent tax system while promoting non-residential property expansion and new multi-unit residential opportunities.
Both bylaws align with the Town's broader policy goals of promoting economic growth, addressing vacant commercial properties, and encouraging new residential development. The Property Tax Varying Mechanisms Policy outlines the Town’s objectives, with a focus on public transparency and annual review. The policy also ensures that the tax incentives are applied fairly and uniformly across all properties, while also considering the fiscal impacts on the Town's budget.
For more information on the policy that guides these bylaws, you can review the Property Tax Varying Mechanisms Policy here.
Together, these bylaws and policies provide a structured approach to property taxation that aims to stimulate growth, support businesses, and enhance the overall community in Nanton.