Surrey-Surrey businesses have begun receiving their property tax bills in the mail. The business community has reached out to the Surrey Board of Trade and indicated substantial increases.
“Business classes 5 and 6 have faced enormous cost pressures over the last year,” said Anita Huberman, President and CEO, Surrey Board of Trade. “These property tax increases are unsustainable after businesses experienced an average increase between 2020 and 2021 of 53.9% for class 5 and 39.3% for class 6. In 2022, classes 5 and 6 saw an increase of 14.5% and 7.2%. We need a tax climate that is conducive to the success and sustainability of businesses. Over the years, all levels of governments have put significant tax burdens on business, including regulatory burdens that inhibit a business’ ability to grow.”
The Surrey Board of Trade would like to understand how much Surrey businesses’ property taxes increased (or decreased) this year through a brief feedback form. As businesses receive their business property taxes, we ask that they take 2 minutes to fill out a feedback form. The deadline is June 16, 2023.
Their input will help us advocate to the government on behalf of Surrey businesses.
If the link above doesn’t work, please copy and paste the URL below into your browser:
https://www.surveymonkey.com/r/YZDGWZ7
The results of the survey will be released by June 22, 2023.
REASONS FOR TAXATION:
- BC ASSESSMENTS & LAND VALUES
In 2022, assessed values of land for all asset classes increased significantly across the market. BC Assessment determines the value of each property at July 1, 2022, using the income approach to valuation, using market rent rather than actual rent. The assessed value could be higher than the current market or appraised value. A limited number of businesses go to BC Assessment to dispute the value of their property. - MUNICIPALITY TAX ALLOCATION AND MUNICIPAL BUDGETS
Each municipality allocates a tax rate for each type of property. Any budget increases or re-allocations by council will increase all taxes (e.g. capital parcel tax). - REGIONAL TAXATION
The tax rate includes amounts for BC Assessment, Metro Vancouver, Municipal Finance, sewer and TransLink. This increase appears to differ by municipality. - PROVINCIAL TAXATION – SCHOOL TAX
In 2020, due to COVID, the BC Government subsidized the school tax as a relief measure, which has now been eliminated. - SUPPLY CHAINS
Supply chains continue to be strained in an already underserved market.
