2022 Property Tax Subsidy
The 2022 Property Tax Subsidy Initiative announced by the Province of Prince Edward Island will assist with the increases in cost-of-living expenses caused by global events, by providing a one-time subsidy to owner-occupied residential properties to offset the increase in 2022 provincial residential tax due to the 2021 Consumer Price Index (CPI).
CPI has been identified as 5.1 per cent for 2021, meaning that all assessments for owner-occupied property would result in a maximum allowable increase of 5 per cent. The Province is pleased to be providing a one-time subsidy for 2022 assessments to offset the realized increase to property assessments due to CPI.
Do I have to apply for the subsidy?
No, there is not an application process for the subsidy. You will automatically receive the subsidy if you own a residential property that was eligible for the owner-occupied assessment on December 31, 2021, and if ownership for that property has not changed.
How will I know I received the subsidy?
The subsidy payment will appear on the first page of your Statement of Account Property Charges on the line titled “Less payments and credits”.
How does this affect municipal taxes?
The Provincial 2022 Property Tax Subsidy does not have an impact on municipal taxes. The subsidy only applies to provincial property taxes.
How to pay property tax payable:
Islanders are reminded that property tax assessments for the 2022 tax year will be mailed out on May 6, 2022, and payment installments for 2022 are due on May 31, August 31, and November 30. Please check Property Tax Payments for more information on payment options.
If you do not receive your property tax assessment, please visit the Provincial Taxation Office located on the 1st Floor of the Shaw Building at 95 Rochford Street or call 902-368-4070.
For more information about the 2022 Property Tax Subsidy initiative, contact the Provincial Taxation Office at 902-368-4070.