The Province has introduced legislation to allow the City of Richmond to provide targeted, transitional tax relief to commercial property owners in the Brighouse area, announced Ida Chong, Minister of Community Sport and Cultural Development.
A number of commercial properties in and around the Brighouse neighbourhood have experienced sharp increases in assessed values and corresponding property taxes since 2005. The dramatic increases have been triggered by recent development in the area, as well as changes to the city's Official Community Plan that allow for future higher density residential development.
Richmond City Council made a direct request for the Province to provide the city with clear authority to address the unusual circumstances in this area. The intent of the proposed legislation is to help protect jobs provided by businesses occupying these properties during a transitional period.
The Municipalities Enabling and Validating Act (No.4) would:
* Enable the City of Richmond to provide municipal property tax exemptions to eligible commercial properties that have experienced sharp increases in their land values and corresponding property taxes since 2005.
* Provide that such properties would also receive partial relief from the school tax proportional to the municipal exemption, in circumstances where the city has provided a municipal tax exemption.
The City of Richmond will determine which properties are eligible for tax relief, which would apply for a maximum of five years.
Ministry of Community, Sport and Cultural Development
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