Whereas in 2019, the Intergovernmental Working Group made up of CFOs from seven representative Metro Vancouver cities and senior staff from the Ministry of Municipal Affairs Housing proposed a new taxation scheme titled Split Assessment through a New Commercial Sub-Class which was successfully adopted by UBCM at the 2019 Annual Convention as B78; And whereas the proposed tax scheme detailed in the Split Assessment through a New Commercial Sub-Class resolution proposed enabling powers to local governments to provide financial relief on property taxes for eligible commercial properties owned or operated by small businesses by taxing at current use, not the highest and best use through which they may incur higher taxes due to potential for redevelopment: Therefore be it resolved that UBCM request that the Province of British Columbia work with municipalities to make the necessary legislative and regulatory changes contained in the Split Assessment through a New Commercial Sub-Class approach; And be it further resolved that the legislative and regulatory changes be intended for implementation by 2027 to enable municipalities to lower commercial property tax rate on properties where redevelopment potential has increased costs and provide meaningful relief for small businesses and the arts, culture, and non-profit sectors.
