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.
