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County to Offer Tax Breaks on Downtown Improvements

Tuesday, 23 April 2013 10:55

Downtown businesses may soon get a face lift with help from the County. At council Wednesday, council will be asked to approve a draft Community Improvement plan that would see the County partner with Tillsonburg and Woodstock to offer tax incentives for business improvements. Warden Don McKay says if the property today was assessed at $200,000 and they make $200-300,000 in improvements, they will only pay for the next five years, tax based on the original $200,000, giving them a break on the increased value of the property. McKay says while the improvement of downtown's isn't really in the county's jurisdiction, the tax they would be forgoing will enhance and come back. "The tax that we're foregoing, will enhance and come back. So your postponing for 5-years the tax increase. So your (Oxford County) not providing money up front, you're no money out of pocket. And any of those increases in one property, the neighbouring properties are going to respond with value and business in the downtown core." McKay says they're thinking more and more about what they can do to enhance the are municipalities as well as the quality of life that the people in their communities are looking for.

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