To show support for businesses that continue to struggle as the pandemic wears on, Victoria council elected to use a system that will save operators money in 2021.
With residential assessments rising on average this year and commercial assessments dropping, council opted to lower property taxes by 2.27 per cent or approximately $158 this year for a typical business, assessed at $647,000.
“I can’t think of a stronger signal to send in the midst of another COVID shutdown that we want them to survive, ” said Mayor Lisa Helps.
The net result will see annual property tax increase by roughly $140, about 5.52 per cent, on the average detached single family home assessed at $834,000.
Coun. Stephen Andrew suggested that the city should have stripped back some of the services it provides as a way to cut expenses and minimize the overall tax increase.
The option sees businesses not categorized as light or major industrial pay a 45.96 per cent share of the city’s tax revenues, compared to 52.32 per cent by residential property owners.
There was general agreement that a thorough review of the city’s tax policy, last done in 2015, is due soon.