The Province has announced that as part of its package of relief for businesses it will reduce school tax rates for commercial properties (Classes 4 – Major Industry, 5 – Light Industry and 6 – Business & Other) by 50% for the 2020 tax year.
The Property Assessment Appeal Board has announced that in conjunction with the Provincial extension of limitation periods, the Board is extending the deadline to file appeals from the decisions of Property Assessment Review Panels from April 30 to June 1, 2020.
Although the Mayor of Vancouver is reported to have announced that property tax payments for businesses and individuals will be deferred by 60 days, Vancouver’s property tax website does not yet reflect this change, and continues to indicate main taxes are due July 3, 2020.
Our Real Estate Law Blog provides brief commentary on current legal trends and developments affecting your business. The topics addressed in Lawson Lundell’s Real Estate Law Blog are of interest to commercial real estate developers, real estate and strata agents, investors, landlords and tenants, as well as a variety of industry groups.