Small Business Property Sub-Class Tax Rate
Bylaw 515-18 divides Assessment Class 2, Non-Residential into sub-classes.
The subclasses in Class 2 are:
- Vacant non-residential property;
- Small business property;
- Other non-residential property.
The Small Business Property sub-class is intended to provide property owners who paid a non-residential property tax levy in the previous year with an opportunity to qualify for a reduced property tax in the current year.
The Small Business Property Tax Rate for 2024 is 1.4426 per $1,000 of assessment, an 11.3% reduction from the non-residential tax rate.
Property owners who operate a business or have businesses leasing their property with less than 50 full-time employees in Canada apply for a reduced property tax rate. If the business qualifies for the reduced rate, a refund will be forwarded by cheque in July.
In future years, the mill rate reduction will be applied to the annual tax notice for those businesses that qualify.
Each application is reviewed before the Small Business Sub-Class Property Tax Rate is approved.
The 2026 application deadline will be in February 2027. Final date will be published closer to the time.
Download the application here: Small Business Sub-Class Property Tax Rebate Application