Business TaxesBusiness taxes are based on the assessed value of the property. The Municipal Assessment Agency completes all property assessements for the City. If you have any questions regarding your tax bill please contact the Accounts Recievable department via phone: 637-1538 or email: accountsrec@cornerbrook.com. If you need payment plan options please contact the Collector via phone:637-1568 or email: collector@cornerbrook.com. Business Tax
Every business operating in the City of Corner Brook must pay a business tax. There are different rates for each class of business. For a breakdown of business classes and associated tax rates, please see the City of Corner Brook 2010 Tax Rates. For businesses that have no fixed address, business tax is set at a minimum rate of 2.5% of the gross revenue of the business. Home-Based and Mobile Businesses pay $270 annually. If a business has gross revenue of less than $10,000, the business tax will be 1% of the gross revenue, with a minimum charge of $10. The Business Improvement Area (BIA) Legislation requires a 10% surcharge (maximum $1,000) be paid by businesses operating in the Business Improvement Area. To find out more about BIA, visit the Downtown Business Association. Commercial Property TaxCommerical property tax is based on the property’s assessed value, which is determined by the Municipal Assessment Agency. A mill rate is the amount charged per $1,000 of the assessed property value. For a fully serviced commercial property (water and sewer), the property tax mill rate is 13.5 mills, plus $450 for water and sewer. For a partially serviced commercial property (water only), the property tax mill rate is 10.5 mills, plus a $390 charge for water. The minimum amount of property taxes payable on any unit is $250. Example of a property tax calculation:
Assume: Property’s assessed value is $100,000 and is fully serviced. The property tax calculation is:
$100,000 x 13.5 = $1,350 In addition to $1,350, there is a $450 charge for water and sewer. The total amount of taxes charged for this property would be:
$1,350 (property tax) Billing TimelineBusiness tax bills Business tax bills are sent out annually in early January. The tax bill contains the following:
Business taxes are due the last business day of March. Any balance remaining after this date will be charged simple interest at a rate of 10.5% per year. Interest is applied monthly to all overdue balances retroactive to the billing date. Businesses can receive a 1% discount applied to the current year’s tax balance if those taxes are paid by the last business day of March.
The following is an example of a City of Corner Brook Business Tax Bill. Commercial Property Tax Bills Commercial property tax bills are sent out annually in early January. The tax bill contains the following:
Commercial property taxes are due the last business date of February. Businesses can receive a 1% discount applied to the current year’s tax balance if those taxes are paid by February 13. Tax IncentivesEconomic Diversification and Growth Enterprise (EDGE) Program The provincial government offers substantial tax relief and start-up assistance to new businesses. The City of Corner Brook participates in the Provincial Economic Diversification and Growth Enterprise (EDGE) Program. The government’s goal is to diversify the economy and stimulate private sector job creation. These incentives are just part of a wide range of support programs already available in the province. Businesses that meet the criteria can be designated as an EDGE corporation and avail of incentives such as:
Contact the local office of Department of Innovation Trade & Rural Development for more information. Business Tax Incentive Policy The City of Corner Brook also offers generous tax incentives to new businesses locating in the Country Road, Watson's Pond, and Maple Valley Industrial parks. Businesses that meet the requirements are entitled to the following incentives:
For more information on this business incentive policy, please click here. |
City of Corner Brook