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Home / 2018 / Government proposes changes to industrial property taxation rules
Government proposes changes to industrial property taxation rules
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Government proposes changes to industrial property taxation rules

Changes proposed today for the Assessment Act look to better protect jobs and local economies.

The changes specifically effect the valuation of industrial properties marked for redevelopment.

Currently, major industrial, or Class 4, properties are valued based on the highest or best future use of the property.

This can lead to large hops in property taxes, despite the fact that the property in question may not be redeveloped for years to come.

Under the proposed changes, these properties would now be valued based on their current use, rather than their future use.

If approved, the changes would take effect in the 2019 taxation year.

Class 4 properties include lumber and pulp mills, mines and smelters, and large product manufacturers.

About Jeff Blagden

News Reporter/ Anchor. Originally from Hamilton, Ontario, Jeff has a background in sports journalism, and radio hosting. He comes most recently from his post as a morning show host in Chetwynd.

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