City of Brooks Council approved the Residential New Build Incentives Policy that aims to encourage residential development, demonstrating their proactive commitment to addressing the housing needs of the community.
During the first year of a new residential build, the policy grants a complete exemption from the municipal portion of property taxes based on the New Assessment during the entire calendar year. In the second year, the reduction decreases to 75%, followed by a 50% reduction in the third year and a 25% reduction in the fourth year. These credits are applied yearly, solely towards the Municipal Portion of the Tax Rate and are not disbursed as cash payments. The qualifying period of this program began on June 19, 2023 and will conclude December 31, 2025.
The City of Brooks will also offer a 15% reduction in residential lot prices, making it more financially feasible for developers and prospective homeowners. In a further effort to support residential development, residential development permit fees will be waived. Furthermore, the City's 25% portion of residential Building Permit Fees will also be forgiven, reducing financial burdens on developers. In recognition of the impact of offsite levies on development, the City is considering a deferral program for these levies, provided sufficient security measures are in place to protect the interests of the City. The deferral of offsite levies will be reviewed on a case-by-case basis.