VICTORIA, B.C. – The Province of British Columbia says legislation is underway that could see a property tax relief for small businesses and non-profits.
According to the Government, the legislation, to be introduced this spring, would give municipalities the ability to provide property tax relief to small businesses and organizations that they identify as paying high property taxes.
These taxes are a result of the combination of years of increasing real estate values and their commercial lease terms, including triple-net leases.
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The interim legislation would allow municipalities to exempt a portion of the value of a subset of commercial properties from taxation, easing the tax burden for tenants responsible for property taxes through their commercial leases.
The proposed legislation would apply to the 2020 tax year and be in effect for a maximum of five years.