Valuation of Major Industrial Properties

Whereas there is a lack of transparency for how assessed value is calculated for major industrial properties in British Columbia; And whereas there is a closure allowance for major industrial and electrical properties in British Columbia that allows for the reduction of improvement value to 10 of the cost for major industrial and electrical properties when they cease operations in British Columbia; And whereas local governments face significant economic and taxation challenges when major industrial and electrical proponents cease operations in their communities: Therefore be it resolved that UBCM advocate for greater transparency in major industrial and electrical property assessments and the lessening of closure allowances available to major industrial and electrical proponents when they cease operations in communities.