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Are you considering expanding your existing business or starting a new business in Gull Lake? The Gull Lake Town Council is here to support your decision to locate or expand your Retail Business in Gull Lake. The Town of Gull Lake has Tax Incentive Policies to help existing businesses looking to expand, and incentives for new businesses looking to locate to Gull Lake.
Any new business will qualify for the following assessment exemptions:
The assessment exemption will be applied to any increased assessed value, (improvement), of an existing building due to new construction.
The assessment exemption will be applied to any increased assessed value, (improvement), of an existing building due to renovations that require a building permit
The exemption will also be applied to the assessed value of any expansion or new construction on bare land.
The exemption does not apply to the assessment of any land.
The exemption will be applied as follows:
100% exempt in year one
50% exempt in year two
25% exempt in year three
Full taxation in year four
The exemptions are applied once the expansion (additions/improvements) or new construction is assessable.
Persons or Corporations, who purchase a building which has been vacant, and open and operate a new business in that building, shall receive the following abatements:
100% exempt in year one
50% exempt in year two
25% exempt in year three
Full taxation in year four
This exemption does not apply to the sale of an existing business or relocation of an existing business. Council reserves the right to approve each incentive package individually and to customize incentives to any specific project.