Interim Business Property Tax Relief Program
A new program will give authority to local governments to provide immediate, short term relief to commercial tenants who are struggling with high lease costs as a result of years of rapidly-increasing property values. The Interim Business Property Tax Relief program will give local governments the flexibility to exempt a portion of the value of commercial properties from taxation. It is designed to give local governments the flexibility to tailor their approach based on what the challenge looks like in their particular community, including how they identity those properties in need of relief in their communities and the amount of tax exemption for selected properties. The tool will be available to municipalities for a maximum of five years, allowing time for the Province to continue working to find a permanent solution that will work for communities of all sizes across the province.