Prince Edward Island is getting a property tax abatement
And this is not the only support measure for the province.
The government of Prince Edward Island passed an amendment to the Real Property Tax Act that reduces the provincial residential property tax during Wednesday's legislative session. This supportive measure is intended to prevent taxes from skyrocketing in 2024.
"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," commented Finance Minister Jill Burridge.
The amendment introduces a tax credit for homeowners, lowering the payment to December 2020 levels. This will help avoid significant increases in provincial taxes on residential properties that were subsidized in 2022 and 2023.
It also introduces a tax credit for long-term rentals in multifamily buildings to deduct provincial property taxes up to the December 31, 2022 level. This will reverse the 2023 provincial tax increase, when rent increases were capped at 0%.
Both exemptions will automatically apply to 2024 property tax bills.
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