Property tax relief for businesses and non-profits

The provincial government announced changes on Monday to the way certain property values are assessed. The move could potentially ease a burden faced by businesses whose property has been assessed based on its potential value. For example, a one-storey non-profit serving a downtown neighbourhood assessed as if it housed a high-rise condo resulted in massive unsustainable property tax increases.

The Chamber advocates for Fair Regulations, and we were successful in getting the province to review BC Assessment’s “highest and best use” practice.

The changes announced this week will allow municipalities to choose lower tax rates for select properties.