Victoria council is reducing property taxes for businesses as the pandemic continues to create challenges for the local economy.
Council voted to endorse a 2% decrease in business property taxes — which amounts to a $146 saving for a business with an average assessed value of $647,000.
During 2020, the assessed value of commercial property dropped by an average of 5.29 per cent. Residential assessed values in the city increased by 2.26 per cent.
“We’re grateful that Victoria council has acknowledged the struggles businesses are facing with uncertain conditions and the pace of change spurred by the pandemic,” Bruce Williams, CEO of the Greater Victoria Chamber of Commerce, said in a statement. “We’re seeing many businesses working hard to successfully pivot and develop innovations that allow them to adapt. Reducing taxes during this time shows that the city wants to work with the business community, so that all of our employers and operators have a chance to get through this together.”
Jeff Bray, executive director of the Downtown Victoria Business Association, called council’s decision a “significant and meaningful show of support for our business community.”