The Minister News Search Reports & Publications Contacts Wireless Navigation
Infrastructure &
Finance Division
 

Elimination of the Provincial Industrial Property Tax Credit for Class 5
(Light Industry) Properties

 

Circular No. 14:05
ARCS File#: 195-20

 

February 28, 2014

 

To: All Municipal Financial Administrators

 

Re: Elimination of the Provincial Industrial Property Tax Credit for Class 5
(Light Industry) Properties


In Budget 2013, the Honourable Michael de Jong, Minister of Finance, announced that the Province of British Columbia (Province) will be phasing out the Provincial Industrial School Property Tax Credit for class 5 (Light Industry) properties over two years starting with the 2013 taxation year.

 

For the 2014 taxation year, the province’s school tax credit for class 5 (Light Industry) property will be completely phased out.  This returns the Light Industry class to the same school property tax rate as class 6 (Business) properties; the same longstanding policy that was in place before 2009.  Provincial school property tax rates for Light Industry will be set at the class 6 (Business) tax rate when rates are finalized in April.

 

The elimination of the credit requires that all municipalities remove the Provincial Industrial School Property Tax Credit for class 5 (Light Industry) properties from their 2014 tax notices.

 

The above change is only for class 5 (Light Industry) properties.  There are no changes to the Provincial Industrial School Property Tax Credit for class 4 (Major Industrial) properties, nor to the Provincial Farm Land Tax Credit for class 9 (Farm Land) properties.

 

If you have any questions or require further information, please contact Ms. Brittany Johnson by telephone at:  250 387-8741, or by email at:  Brittany.Johnson@gov.bc.ca, or your Tax Analyst at the Ministry of Finance’s Property Taxation Branch.

 

Original signed by:

Karyn Scott
Director
Local Government Finance

Footer Image Map

 

Feedback Privacy Disclaimer Copyright Top Government of British Columbia Ministry Home