Whereas the price of land in our region has caused dislocations and hardships for small businesses in our communities, resulting in negative effects on rental options for homes and some businesses, with such dislocations creating many damages and posing a risk to general economic development; And whereas our municipalities have an obligation to find ways and advocate for the means to reduce the harms affecting to our communities: Therefore be it resolved the Province of British Columbia work with municipalities to make the necessary legislative and regulatory changes to enable implementation of the Split Assessment through a New Commercial Sub-Class approach in time for 2020 to enable municipalities to lower the commercial property tax rate on properties where development potential has made it difficult to operate and provide the much needed relief for smaller businesses and the arts, culture and non-profit sectors.
Ministry of Municipal Affairs and Housing The Province is aware of the impact significant property tax increases are having on small businesses and the art, culture and non-profit sector, particularly in Metro Vancouver. The Province also understands the important role these enterprises play in supporting a healthy provincial economy and vibrant communities, and is actively engaged with various stakeholders in evaluating a number of potential property tax mitigation strategies that would increase affordability for lessees responsible for property taxes. These include the potential for a commercial sub-class that would allow local governments to assign a lower tax rate to certain eligible properties. As this would require significant legislative amendments that would be very challenging to implement for 2020, Government is also assessing several alternative actions to address this pressing issue. We are taking every effort to make decisions in a timely manner while also considering the potential implications and consequences of various approaches.