Tax Update - How We Are Helping Our Business Community
On January 23, 2017, City Council decided to endorse the Municipal Non-Residential Phased Tax Program, which will dramatically help ease the tax burden for Calgary businesses during this economic downturn.
This program has been given $45 million in funding to limit the increase in municipal non-residential property taxes to 5% in 2017. This means that any business facing an increase in the municipal portion of their non-residential property tax will not have to pay an increase of more than 5%. Property taxes will be finalized later in the year, after the Government of Alberta approves its budget and the 2017 provincial property tax requisition in the spring.
There is no application process required for this program. It is a one-year program and will not affect the provincial portion of non-residential property taxes or the business tax.
Did you know?
- Ward 9 is the second largest economic engine outside of the downtown core. As a result of the downturn in the economy, many of the Ward 9 businesses have been picking up the 'tax slack' created by the lower downtown office vacancy.
- During the Mid-Cycle Adjustments, Council approved a $183 million in benefits to help Calgarians. This included:
- $73 million in tax relief
- $66 million in user fess/utility rate freezes
- $9 million in targeted initiatives
- $35 million in lower revenue (absorbed)
- Through Mid-Cycle Adjustments, Council also approved $42 million in capital investment to help spur economic growth and diversification, maximize investments to create jobs, build and maintain needed municipal infrastructure, and attract and retain people, business and investment to Calgary.
Property tax bills will be mailed in May and are due June 30, 2017.
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