Major Industrial Property Taxation Review Underway
Mar 10, 2010
(News Release) VICTORIA – A joint review of major industrial property assessment and taxation has been established between the Province, UBCM, and industry, announced Bill Bennett, Minister of Community and Rural Development, Harry Nyce, president of the Union of British Columbia Municipalities (UBCM) and Jock Finlayson, executive vice president of the Business Council of British Columbia (BCBC).
Over the past year a number of issues have surfaced regarding taxation of properties within the major industry classification. The February 9 throne speech identified the need to make property taxes more conducive to investment while assuring local government services are fairly provided for all taxpayers.
“It’s a balancing act to create an attractive investment climate and sustainable local economies while at the same time ensuring that our citizens have access to essential services,” said Bennett. “Ultimately, the goal is to develop liveable, economically sustainable and financially competitive communities, and the Province is committed to working with UBCM and industry representatives to make this happen.”
A steering committee has met and adopted a charter to guide the review. It is expected the committee will make recommendations to the Province, industry and UBCM by fall 2010. UBCM will report out to its membership at its September 2010 Convention.
“At the 2009 UBCM Convention, our members set out a policy direction that called for engagement with the province and industry,” said Nyce. “Local governments have been operating in an environment of uncertainty that affects our ability to plan and deliver services. We need to have all parties working together to seek lasting solutions for this issue.”
“A fair and balanced property tax regime is a key ingredient in ensuring that B.C. has a diversified economy and a competitive business climate,” said Finlayson. “We are committed to working with other stakeholders to improve the current system.”