MLA Todd Stone reintroduces bill to reduce small business tax burden
Victoria: Todd Stone, MLA for Kamloops-south Thompson and Opposition Critic for Municipal Affairs and Housing will reintroduce a bill in the legislature that, in response to requests made by a broad coalition of stakeholders, enables local governments to reduce property taxes on unused airspace above current small businesses through a new commercial property subclass. “Small businesses throughout B.C., and particularly those in the Lower Mainland, are facing huge tax spikes on the air above their heads,” says Stone. “In some cases, organizations have seen 200 to 300 per cent increases in property tax bills because they’re assessed at the highest and best use related to the undeveloped airspace above them. Despite my introduction of this legislation last fall, the current government has not yet provided any relief. In the time the NDP has spent failing to act on this issue countless businesses have closed their doors for good.”
The Assessment (Split Assessment Classification) Amendment Act, 2020, would create a new commercial property sub-class that local governments can use to provide tax relief for organizations facing massive property tax increases based on the development potential of the airspace above their heads. This would be an optional tool that local governments can choose to use or not, at a rate that they determine makes the most sense for each unique situation. “This bill has wide stakeholder support and is good public policy. With so many businesses feeling the pressure of skyrocketing taxes it’s obvious that something needs to be done and there is no good reason for the NDP to avoid calling this bill for debate,” concludes Stone. “Now more than ever it is crucial that we pass this legislation to prevent our communities from losing vital small businesses, arts groups and charities that, once gone, are gone forever.”