Government to lower interest rate on overdue property tax balances
The Province will lower the interest rate on overdue property taxes, which had been announced in the 2021-2022 Operating Budget, to help reduce the financial burden for Island property owners.
The rate will be adjusted from 1.5% per month to match the median Atlantic Canadian rate of 1% per month and will take effect on January 1, 2022. The change comes after a jurisdictional scan indicated that the Province’s rate of 1.5 per cent was on the upper end of the scale nationally.
“Our Government recognized early on that the pandemic could contribute to financial hardship for many Islanders, which is why we moved quickly to reduce the interest rate on property tax arrears to zero per cent for 2020. By lowering the interest rate, we hope this will make it easier for people to pay their property taxes and improve their financial situations.”
- Minister of Finance Darlene Compton.
While property tax collections are currently on par with previous years, once the jurisdictional scan was complete, the Department sought to change the interest rates that both aligned with the Maritime region and that assisted Island property owners.
Islanders concerned that they may not be able to pay their property taxes are encouraged to reach out to the Taxation and Property Records Office at email@example.com or at (902) 368-4070 to discuss payment arrangements.
Department of Finance