VICTORIA, B.C. – The Provincial Government has announced new property tax relief for commercial property owners and help for local governments.

The Province will reduce most commercial property tax bills by an average of 25%. Local governments will now be able to carry debt for another year and will be allowed to borrow from capital reserves.

The Province announced the following changes for businesses, non-profits and other organizations through the COVID-19 pandemic by:

Responding to key concerns from local governments, the Province is addressing cash flow and revenue shortfalls with new measures that provide additional support:

These measures will provide local governments with the resources to meet their operational costs and required remittances to regional districts, regional hospital districts, TransLink and transit authorities, BC Assessment, the Municipal Finance Authority and other taxing authorities. This will ensure that other minor taxing authorities can count on receiving the full amount they bill to municipalities and the Province’s surveyor of taxes before Aug. 1, 2020.