British Columbia's finance minister says there will be no changes in the tax assessments for pipelines running through communities after an outcry from a local government that said such a plan would have cost taxpayers millions.
The Thompson-Nicola Regional District raised the concern earlier this year that BC Assessment had planned to slash the value of the pipelines by $300 million in its district alone, which in turn would lower the company's taxes.
The district said its residents and businesses, as well as those in other communities where the pipeline runs, would have had to make up millions in lost revenue through increased taxes.
Finance Minister Brenda Bailey said in a statement Thursday that she knows communities have been worried about the changes and, after further consideration and talks with Assessment BC, the rates valuation for pipelines will not change for 2026.
The Thompson-Nicola Regional District says in a statement that it has been leading the way in advocating the reversal after first learning of the implications, and it is grateful that its suggestions have been heard.
District board chair and Ashcroft Mayor Barbara Roden says it's very good news for the many regional districts and municipalities that were dealing with the impacts of the proposed changes.
“It’s especially good news for other property classes — particularly residential and business — which would have had to shoulder the burden of the proposed changes," she says in the statement.
Picture Courtesy: THE CANADIAN PRESS/Darryl Dyck
