WHEREAS the statutory property exemption for business Class 6 assessments is 10,000 regardless of the property value; AND WHEREAS the business Class 6 exemption has remained unchanged since implementation in 1984 despite increasing assessments: THEREFORE BE IT RESOLVED that the provincial government review the business class exemption for Class 6 assessments and consider a significant increase in the statutory property exemption, in order to provide small businesses, in the Province of British Columbia, a fair exemption for their increased assessed property value.
MINISTRY OF COMMUNITY SERVICES The property tax exemptions for Class 4, Industrial, 5, Light Industrial and 6, Business, improvements were prescribed by regulation in 1984 in response to a severe downturn in the general economy of the Province of British Columbia Province. The exemptions were intended to provide assistance to small business enterprises throughout the Province. Although not all areas of the Province share in the current economic wellbeing, the present economic outlook is extremely promising for the Province as a whole. There is no need to provide such assistance province wide at this time. Amendments enacted to Section 226 of the Community Charter provide municipalities with the opportunity to provide for revitalization tax exemptions for any revitalization objectives, including economic revitalization. These provisions will allow a municipality to target the kinds of economic activities and investment which will be in the best interests of the community.