The BC government has announced a new tax measure designed to provide financial support to small businesses and non-profit organizations struggling with high commercial property taxes.
In recent years, areas such as Metro Vancouver have experienced significant increases in property values causing surges in assessed values and property taxes. Many small businesses and non-profit organizations have been hit with property tax bills that have doubled or tripled due to the development potential of the spaces they occupy.
The BC government's new tax relief measure will give municipal governments the authority to tax at a reduced rate the properties and communities they identify as most challenged by tax hikes in recent years. Participation is voluntary and each participating municipality can determine which properties get relief and the percentage of land that will be taxed at the reduced rate (among those properties that meet provincial eligibility requirements). This measure will be available for the 2023 tax year, replacing the Interim Business Property Tax Relief program that was introduced in 2020.
See the Government of BC's official news release for more information.
