For over 10 years, we have warned municipal and provincial governments that you are paying an unfair amount of property taxes. In 2019 alone, many businesses saw double digit increases in their bill compared to last year.
Now that the problem has come to a boiling point, governments are slowly starting to listen.
Will the Provincial government move forward on a bill that could lower your property tax bill?
The City of Vancouver and business communities (including CFIB) have endorsed a proposal that could bring down your property tax bill. The proposal would allow municipalities to target specific areas (e.g. Main Street) hardest hit by rising property bills, and split the assessment into two parts: what is physically there on the property, and its future value (known as highest and best use). Municipalities would be able to set a lower tax rate on the “future value” than what it’s currently taxed at, bringing down the property tax bill. This tool would be available to all municipalities if the Provincial government decides to implement it.
In order for that to happen, we need the Provincial government to take action now. We have continued to urge the government to act quickly on this important issue.
In May, the City of Vancouver approved a modest reduction in the property tax share paid by business owners, approving a 2 per cent shift off of commercial properties over the next three years, and also acknowledge there is still much more to do. While this is a step in the right direction, there is a lot more that needs to be done, which is why we are continuing the fight.
Add your voice to our call to action!
If you have any stories about property taxes weighing down your business, please send them to [email protected] . We will continue to stand up against unfair policies by meeting with local politicians, conducting reports, and speaking out loudly to defend your business’ interests.