In the latest stage of their COVID-19 Action Plan, the B.C. government has announced it is reducing most commercial property tax bills by an average of 25 per cent.
This significant step will further reduce the school property tax rate for commercial properties to achieve an average 25% reduction in the total property tax bill for most businesses, providing up to $700 million in relief. This enhances the 50% reduction to the provincial school property tax rate that was originally announced for classes 4, 5, and 6 as part of B.C.’s COVID-19 Action Plan.
In a further measure, the Province will also postpone the date late payment penalties apply for commercial properties in classes 4,5,6,7 and 8 to October 1, 2020. This will give businesses and landlords more time to pay their reduced property tax, without penalty.
“We know that B.C. communities and businesses are suffering from the economic impacts of COVID-19,” said Carole James, Minister of Finance.
“That is why our B.C. COVID-19 Action Plan is focused on the health and safety of British Columbians, direct support for people and businesses and economic recovery for our province. We are providing further support by making additional temporary property tax changes to provide provincewide relief for business and local governments to help weather the pandemic, continue to deliver the services people count on and be part of our province’s economic recovery.”
Changes to British Columbia’s property tax framework complement federal measures and build on the $5 billion B.C. COVID-19 Action Plan that provides income supports, tax relief and direct funding for people, businesses and services.
Here to Help
Small Business BC has recently launched the B.C. Business COVID-19 Support Service to host all COVID-19 content and resources in one area. You’ll be able to talk to an advisor via live chat, or speak to them over the phone. Click here to find out more.