Property tax decision a step in the right direction
The following statement is attributable to Deborah Yedlin, President and CEO of the Calgary Chamber of Commerce:
November 22, 2023 – “As the voice of business, the Calgary Chamber of Commerce is encouraged by City Council’s decision to advance a clear path to long-term property tax rebalancing. By setting targets to shift the non-residential to residential tax ratio by one percent annually between 2024 and 2027, businesses will receive much needed cost pressure relief and clarity around future tax bills. However, while a one percent shift is a step in the right direction, a shift of two percent is needed to meaningfully support business. Without this shift, the projected tax ratio would have reached 4.59 to 1 in 2024, perilously close to the legislated limit of 1 to 5 by 2026, impeding Calgary's ability to be a competitive jurisdiction relative to other major cities.
“Since 2016, the Chamber has consistently called for City Council to shift the property tax ratio by two percent. We continue to actively work with our business community to bring forward their concerns and highlight the importance of lower, more stable property taxes to long-term business success, knowing a strong business environment is critical to local business success, civic vibrancy, and a thriving economy.
“Today’s decision to shift the property tax ratio by one percent is progress, however, it leaves Calgary vulnerable compared to other jurisdictions across Canada. As the most entrepreneurial city in Canada, we need a policy environment that supports Calgary in being the destination of choice for business and investors. Moreover, we need to support those businesses that have thrived in Calgary for decades but are now facing untenable increases in their taxes, impacting their ability to grow, increase wages or remain operational. The Calgary Chamber will continue to work with City Council, advocating for property taxes measures that support the long-term growth of businesses, and help build the Calgary we all want to live in.”
ABOUT THE CALGARY CHAMBER OF COMMERCE
The Calgary Chamber exists to help businesses reach their potential. As the convenor and catalyst for a vibrant, inclusive and prosperous business community, the Chamber works to build strength and resilience among its members and position Calgary as a magnet for talent, diversification and opportunity. As an independent, non-profit, non-partisan organization founded in 1891, we build on our history to serve and advocate for businesses of all sizes, in all sectors across the city.