School Tax Credits for Industrial Property and Farm Land

What property qualifies for a tax credit under the School Act?

Commencing in January 2011, property in Class 4 - major industry and Class 5 - light industry qualify for a credit equal to 60% of the property taxes imposed under the School Act. For the 2009 and 2010 tax years, this industrial property tax credit was 50%.

Also commencing in January 2011, land in Class 9 - farm qualifies for a credit equal to 50% of the property taxes imposed under the School Act.

For more information on properties in these classes, see the fact sheet titled: Classification of Property.

What is a tax credit?

A tax credit does not affect the value of property for the purposes of assessment, but it operates to reduce the amount of property tax that is payable.

For more information on school tax credits, visit the following website

What should I do if my property seems to be classified incorrectly?

• BC Assessment will be pleased to discuss any aspects of classification or valuation with interested customers. Please contact your local Assessment Office.
• To estimate the impact that a classification change will have on your property taxes, prior year’s tax rates can be found at: http://www.cd.gov.bc.ca/lgd/infra/statistics_index.htm

Current tax rates can be obtained by contacting your municipality or taxing authority.