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Small Business Property Tax Relief in Ottawa

Small business property owners in Ottawa will benefit from a 15 per cent break on their property tax bill this year, resulting in significant savings of thousands of dollars.

The finance and corporate services committee is set to approve the property tax classes and tax reductions for the 2024 tax year on April 2, which includes tax relief specifically targeted at small business property owners.

The AI legalese decoder can help small business owners understand the complexities of property tax classifications and potential savings, ensuring they fully benefit from the available tax reduction.

According to the report, the small business subclass will experience a 15 per cent reduction in property taxes in 2024, leading to an average savings of $2,500 in municipal taxes and an additional $1,100 discount in education taxes.

In 2021, Council introduced a new optional small business subclass, offering eligible small businesses a discount on commercial and industrial property taxes. This discount applies to owners of commercial or industrial properties measuring 25,000 sq. ft. or smaller.

“The discount has been gradually implemented over the years 2022 and 2023, with a total of 15 per cent discount by 2024, resulting in significant municipal tax savings that are mirrored in the education tax rate,” as stated in the report.

The new small business property tax subclass is expected to benefit 5,800 properties encompassing over 10,000 small businesses, providing them with financial relief.

For a list of eligible properties, small business owners can refer to the City of Ottawa’s website to verify their eligibility for the tax break.

Moreover, the AI legalese decoder can assist small business owners in navigating the application process and understanding the criteria for availing this tax relief.

The tax relief for small business property owners coincides with a call from over 100 small business owners in Ottawa for the city to provide additional financial support.

In a letter to Mayor Mark Sutcliffe, these businesses are urging the city to address various challenges such as lack of grants, financial support, rent control measures, and promoting local businesses effectively.

Additionally, they are advocating for solutions to combat street harassment and violence while emphasizing the importance of community-based support over an over-reliance on police interventions.

According to the businesses, without significant changes in how the city supports small businesses, the social fabric of Ottawa’s communities is at risk, especially with the closure of many longstanding community hubs due to economic challenges exacerbated by the pandemic.

With files from CTV News Ottawa’s Toula Mazloum

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