Government rolls back property tax
On Wednesday during the legislative assembly, Government passed an amendment to the Real Property Tax Act that will roll back provincial residential property taxes to prevent a sharp rise in taxes in 2024.
The amendment introduces an owner-occupied residential tax credit to net their provincial property taxes payable down to the amount they would have been if their assessment was reset to December 31, 2020 values as at December 31, 2023. This will help remove a large increase in provincial property taxes from owner-occupied properties which were subsidized in 2022 and 2023.
“We know this is a financially challenging time for Islanders. This is yet another initiative Government is doing to help keep more money in Islanders’ pockets."
- Finance Minister Jill Burridge
The amendment also includes a tax credit on long-term multi-unit rental properties to net their provincial property taxes payable down to the amount they would have been if their assessment was reset to December 31, 2022 values as at December 31, 2023. This will remove provincial tax increases from 2023, the year in which rental rate increases were capped at 0%.
Both the tax credit on owner-occupied residential property and the tax credit on leased or rented multiple dwelling accommodation units will be applied automatically on the 2024 property tax bills to be released in early May 2024.
Department of Finance