Province Announces Relief for Class 7 Managed Forest Owners
The PFLA is pleased to report that after recent engagement with Minister Doug Donaldson to request financial relief for PFLA members during the COVID-19 pandemic, the Province has announced it is is making temporary changes to B.C.’s property tax framework to provide financial support for businesses, including those with Class 7 Managed Forest land.
- Late payment penalties for commercial properties (classes 4, 5, 6, 7 and 8) will be postponed to Oct. 1, 2020.
- The school property tax rates for classes 4, 5, and 6 were reduced by 50% in the Province’s initial economic response to COVID-19. Further reducing the provincial school property tax and introducing an equivalent tax reduction for classes 7 and 8 will lower the overall commercial property tax bill for most businesses by an average of 25%.