Small business property owners in Ottawa will see tax savings this year, city says [Video]

Small business property owners will see a 15 per cent break on their City of Ottawa property tax bill this year, which will save them thousands of dollars.

The finance and corporate services committee will approve the property tax classes and tax reductions for the 2024 tax year on April 2, including tax relief for small business property owners.

The report says the small business subclass will see a 15 per cent reduction in property taxes in 2024, saving the average small business property owner a $2,500 in municipal taxes and a $1,100 discount in education taxes.

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In 2021, Council approved the new optional small business subclass, offering eligible small businesses a discount of commercial and industrial property taxes. The discount applies to the owner of any commercial or industrial property measuring 25,000 sq. ft. …