The BC Liberal critic for Municipal Affairs is pitching legislative changes that could mean smaller property tax bills for some businesses.
Kamloops-South Thompson MLA Todd Stone has brought forward a private member’s bill which could lead to lower property taxes on “unused airspace” – the potential to redevelop properties and build up.
“Small businesses, lots of charities, arts and culture groups as well, are expected to somehow be able to withstand 20, 50, 100, in some cases 200 per cent increase in their property tax bills, simply because of Official Community Plan changes – which have to happen for other reasons. And a local government doesn’t presently have a tool to mitigate the property tax shock,” Stone says.
“It’s really short and sweet, there’s two key elements to this bill. One is, it would provide that tool that local governments are asking for, a tool that would enable them to set a different or lower property tax rate above the heads of small businesses. And secondly the bill provides maximum flexibility in the use of that tool. So it’s at the sole discretion of local governments to determine if they want to use this tool and how that tool will be applied, meaning what rate of tax would actually be applicable to best address the unique circumstance in each neighborhood.”
Stone says particularly in the Lower Mainland, neighborhoods are being “hollowed out” when businesses are forced to move because of tax hikes for their under-utilized properties.