The Surrey Board of Trade is decrying thumping property taxes for Surrey as survey results comparing changes from 2022 to 2023 reveal a 16.9 per cent increase for industrial properties, 27.3 per cent for other businesses and a 21.1 per cent for residential.
“Businesses do not have the capacity to pay such high taxes given the cash flow challenges caused by the pandemic, supply shortages, natural disasters, inflation, interest rate increases, and workforce challenges,” board CEO Anita Huberman says. “We need a tax climate that is conducive to the success and sustainability of businesses. Over the years, all levels of governments have put significant tax burdens on business, including regulatory burdens that inhibit a business’ ability to grow.”
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The board released its 2023 Surrey Property Tax Survey Results: The Increasing Cost of Doing Business in Surrey on June 22. It decided to include residential property tax figures because many business owners and employees work from home. Of survey respondents, 50 per cent were employers, 30.6 per cent were employees and 16.7 per cent were self-employed, contractors or consultants. Close to 500 participated in the survey, Huberman said.
Meantime, the board concludes these property tax increases are “not sustainable or feasible and must be addressed.
“While this survey presents a snapshot of businesses and industries, and the number of respondents is not a significant figure,” the report reads, “it should be considered that these are real businesses that have faced these increases. This snapshot shows that increases are jeopardizing the bottom line of some of these respondents. Increased expenses are being passed on to tenants and consumers and solutions are needed.
tom.zytaruk@surreynowleader.com
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