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Business Occupancy
Business Occupancy Assessment is an assessment of commercial property occupied by the property owner or leased from the property owner. It is based on a set percentage of the commercial property assessment.
The Provincial Government has amended the Municipal Government Act, (Bill No. 191), to allow for the phasing out of business occupancy tax over several years. There are 3 categories of business occupancy assessments: 25 %, 50%, and 75%. The category your business is in determines when you will stop receiving business occupancy assessments.
- The 25% category included hotels, motels, restaurants, campgrounds, service stations and motor vehicle dealerships and was eliminated in 2006.
- The 75% category includes financial institutions such as banks, trust companies, insurance companies, credit unions and loan or investment companies and will be eliminated in 2013.
- The 50% category includes all other businesses and was phased out over five years with elimination in 2010. The phase out reduced the percentage of assessment so that in 2009 the effective rate was only 10% of the commercial value. This category will not receive a business occupancy assessment for taxation years after 2009.
You must provide specific information to the PVSC within 7 days of any opening of a business and within 30 days of a closing or change in space occupied.
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