Property values across Metro Vancouver and throughout much of British Columbia have soared during the past decade. That might sound like great news for owners, but for many, newfound wealth has brought challenges.

Higher property values mean higher property taxes. For owners with no intent to sell, that simply means larger bills.

Local governments have heard this complaint for some time and now the province is giving municipalities new tools that they can use to provide small businesses and nonprofit organizations some relief.

“Years of an out-of-control real estate market have resulted in unexpected tax spikes for many small businesses that pay property taxes as part of their commercial leases," Selina Robinson, B.C. minister of municipal affairs and housing, said quoted in a media release. “People have been asking for help, and today we’re offering a way for local governments to provide that help.”

Specifically, the Interim Business Property Tax Relief legislation, which was first announced last January, will allow municipalities to create bylaws that set locally-tailored criteria for business-property owners to receive limited exemptions from property taxes.

The tax breaks will also be available to arts and culture groups. In the release, Brian McBay, executive director of the arts-support group 221A, said what’s at stake is Vancouver’s creative community.

“Vancouver is being emptied out of music and performing art venues, art galleries and artist studios,” he stressed. “The city reported over 20 cultural spaces with approximately 400 artists were closed in the last year. The cultural sector is in a crisis and the province’s tax measures are the right step toward halting the closure of art spaces that bring joy and humanity to our democracy.”

The release describes the legislation as a temporary measure and states the province continues to work with local governments for more-permanent answers to higher property taxes that are proving unsustainable.

“This program is an interim solution while the Province continues to work with local governments and the Union of British Columbia Municipalities, as well as business and community stakeholders on a permanent solution that will work for communities of all sizes throughout the province,” it reads.

It adds the legislation is being deployed for municipalities to draft local bylaws that can provide small businesses and nonprofits financial relief for the 2020 tax year.