WHEREAS the Assessment Act requires the assessor to determine the land and improvements of a contaminated site at actual values and enter these as such in the assessment roll; AND WHEREAS no remedial action is required of properties deemed contaminated where remedial measures exceed the value of the land and improvements, thereby permitting an existing property defined as contaminated to continue as a going concern while paying reduced taxes: THEREFORE BE IT RESOLVED that the assessor under the Assessment Act be required to value a commercial or industrial undertaking as a property of a going concern if a business or activity is carried on at that property; AND BE IT FURTHER RESOLVED that Section 194 of the Assessment Act clearly state that the valuation of the land and improvements of a commercial or industrial undertaking will take into consideration present use and revenue or rental value considerations where it is still a going concern.
Ministry of Small Business Revenue Because a site is contaminated, it does not mean that its value will be reduced. Where properties continue to operate at their highest and best use, their assessed value will reflect that no remedial action is required. The Environmental Management Branch EMB of the Ministry of Environment is responsible for issuing orders for site investigation and remediation control and clean-up. If the EMB issues an order for remediation, BC Assessment will consider the remediation cost only if it is cost-effective to remediate the site to a higher use.