Calgary,
20
March
2018
|
21:29
America/Denver

Council approves 2018 Municipal Non-Residential Phased Tax Program

CALGARY – The 2018 Municipal Non-Residential Phased Tax Program (2018 PTP) has been approved by City Council to give tax relief to non-residential properties which have experienced the highest increase in municipal non-residential property taxes due to shifts in market value.

No application is required. The 2018 PTP will be applied to the 2018 non-residential property tax bill mailed at the end of May. It is estimated approximately 7,400 non-residential properties will benefit from the program. It is expected that in turn, a benefit will be realized by business tenants of the eligible non-residential properties.

“In this fragile economic recovery, we need to do all we can to help business in Calgary,” said Mayor Naheed Nenshi. “By offering property tax relief to businesses, Council is ensuring the short-term resilience of our economy while we take actions to build a stronger long-term economy for all.”

Funding for the program was approved Nov. 30, 2017 in conjunction with the approval of the 2018 Budget Adjustments (approval of the 2018 operating and capital budgets), Council set aside $45 million from the Fiscal Stability Reserve to assist Calgary business affected by the economic downturn.

The 2018 PTP is a separate, one-time program and not an extension of the 2017 Municipal Non-Residential Phased Tax Program (2017 PTP). It limits the increase in municipal non-residential property taxes to five per cent. The 2018 PTP is calculated using the actual 2017 municipal non-residential property tax rate, compared to the 2018 revenue neutral municipal tax rate, adjusted for the Council approved 0.9 per cent tax increase. The calculation does not include the effect of Business Tax Cancellation, provincial requisition, 2017 Council Approved Rebates or 2017 PTP credits. Residential properties and businesses are not eligible for this program.

Non-residential property owners are encouraged to visit calgary.ca/ptp to determine if they are eligible for the program and to view their estimated 2018 tax amount.

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