Wrenford City Council approved a new pilot program to reduce property taxes for small and independent businesses on Monday, September 9, 2024. The Small Business Property Tax Relief Pilot will help local companies that are paying higher taxes because their land is valued for future development rather than its current use.
Properties in Wrenford are assessed based on their highest and best use. For many older commercial and light industrial buildings, this means the assessed value is higher than the value of the building as it is used today. Under the new pilot, eligible properties will have a portion of their land value taxed at a rate 50 per cent lower than the standard business and light industry rate. City staff estimate that approximately 900 properties will qualify for the relief, depending on how many owners complete the required declaration.
To take part, you must submit a declaration by March 31, 2025. You will confirm that the property was occupied on October 31, 2024, that you have notified your tenants of the relief, and that the property is not used for ineligible purposes. You can submit your declaration through the Property Tax page or by visiting the Service Wrenford counter at Wrenford City Hall.
"This pilot program is a direct investment in our local economy," said Wrenford Mayor Danielle Okafor-Price. "It ensures that the small businesses and community partners who keep our neighbourhoods alive and well are not burdened by taxes meant for development potential they do not yet have."
The program is authorized under provincial legislation passed earlier this year. While the province provides the framework, Wrenford is designing the pilot to fit the needs of our community. City staff will track participation and program costs throughout the pilot period. At the end of the first year, a report will be presented to Council to review how the program is working and to recommend any changes for future years.
In addition to the pilot, Council also voted to continue the five-year land assessment averaging program for eligible residential, light industrial, and business properties. Averaging smooths out sudden jumps in property values and will help protect approximately 6,500 residential and 2,800 business and light industrial properties across the city.
For more information on the Small Business Property Tax Relief Pilot, visit the Property Tax page or the City Government contact page.
