CALGARY -- Property tax increases have been capped for eligible business owners in Calgary following city council's approval of a $30 million relief program.
As a result of the approval, more than 5,000 non-residential property owners will have their 2020 property tax increase by no more than 10 per cent of their calculated 2019 amount.
"It’s important that Council take this step to extend the PTP (Phased Tax Program) for one more year, providing tax relief for Calgary’s small business owners," said Mayor Naheed Nenshi in a statement released Tuesday afternoon. "As we transition into the new tax share, we’ve built a system which, to the extent provincial law allows, is more forgiving for commercial property taxes.
"Moving forward, I am eager for the recommendations that will come forward from the Financial Task Force on a tax and revenue policy and framework for both provincial and municipal jurisdictions."
The $30 million in 2020 tax relief brings the total amount of the city's tax relief programs over the last four years to $246 million.
