Small business owners and taxes were on the M.D Councils mind when they gave final reading to a bill that will see some relief on mill rates. Council says they’d like to see a reduction on taxes by 10 percent for qualifying small business properties in the M.D.
Currently, the small business property mill rate cannot be less than 75 percent of the mill rate set for other non-residential properties. It was recommended that interested owners fill out an annual declaration form, allowing the M.D to find who would qualify for the break.
The declaration will be needed to be submitted by March 31st, using employee numbers from December 31st of last year. Any submitting small business property owners must have fewer than 50 full time employees.