BBOT Working to Help Businesses on Property Tax
You may have seen news stories about Vancouver City Council calling for a split-tax solution this past week. The Burnaby Board of Trade (BBOT) is pleased to see the City of Vancouver endorsing a split-tax solution, which builds on our advocacy efforts and follows the City of Burnaby similarly calling for the province to change the “highest and best use” back in March.
The BBOT has been a leading voice in calling for long-overdue reform to the property assessment and property tax system in BC. We have been advocating locally and provincially for changes to support local businesses who are being threatened by unsustainable tax bills due to rising property values.
Many businesses are facing very high property tax bills because BC Assessment is basing their property’s value on the “highest and best use”– not on what the land is currently used for but on its future redevelopment potential. As a result, some businesses (whether property owners themselves or through triple-net leases) have faced soaring property tax bills simply because the property they are located on has quickly increased in value.
The Burnaby Board of Trade thinks we need to fix this.
That is why we have been working hard to get government at both the City and the Province to address this problem. This year alone, the BBOT has:
- successfully lobbied the BC Chamber of Commerce and all the other Chambers and Boards to adopt our position calling for a split-tax solution and other tax relief measures
- written two op-eds outlining this important issue and calling for changes to the property tax to save local businesses
- presented to Burnaby City Council on this issue resulting in Council voting support our advocacy efforts at the provincial level
- met with the provincial Ministry responsible for BC Assessment to present our solutions on this issue, and has engaged with or met with Minister Selina Robinson and our Burnaby MLAs to call for immediate action
The Burnaby Board of Trade is the champion for our local business community, and works to move obstacles to business success out of the way of our members. For more information on our recent advocacy efforts, visit bbot.ca/advocacy
Did you get a shock on your property tax bill this year? Let us know. Contact Cory Redekop at email@example.com and share your story so we can work together to get solutions