In response to today’s introduction of Bill 28, Municipal Affairs Statutes (Property Taxation) Amendment Act, 2022 by the BC Government, Fiona Famulak, President and CEO of the BC Chamber of Commerce, released the following statement:
“A primary focus of the BC Chamber of Commerce is advocating for measures that reduce costs for small- and medium-sized businesses, including lower municipal property taxes. We are pleased the provincial government is taking steps to address this issue by giving municipalities the ability to provide relief to small businesses and non-profit organizations through new tax rate flexibility.
“In addition to the dramatic increases in assessed value experienced over the past number of years, businesses are facing a number of financial challenges including higher inflation, rising interest rates and increased labour costs. All steps to provide relief are welcome.
“As with many legislative changes, sometimes the devil is in the details. We look forward to seeing the enabling regulations and the administration of the new tools by local governments.”