An ordinance was introduced that would create property tax credits for new businesses that enter the Town of Indian Head and renovate existing property or build new property on Monday night. The idea of the proposal is to stimulate economic development in the town.
The tax credit is based on the increases of the assessment based on renovations, improvements or alternations based on real property tax terms, starting off at 100 percent of the difference in the first year and declining over a five year period by 20 percent each year. It’s described as a business improvement incentive.
“We introduced tax credit to try to get an enterprise zone established in the Town of Indian Head,” Mayor Dennis Scheessele said. “We want to pursue this incentive tax credit; the county has a similar one in municipalities. La Plata used it ten years ago to redevelop after the tornado. In order for the county to enact their tax credit in the town, we have to.”
The Indian Head Town Council also passed their FY-2013 budget on a 3-0 vote which sets the property tax rate at 30 cents per $100 of market value for individuals and a corporate tax rate of 80 cents per $100. It sets a Parks and Recreation tax at $750 for single family homes, a construction charge at $2,000 and trash collection fees at $80 quarterly with a commercial rate at $450.