A bit of a break on your property tax bill is coming next year.
The provincial government is rolling back property taxes to prevent a sharp rise in 2024. An amendment was passed on Wednesday in the PEI Legislature with a tax credit for owner-occupied residential properties. It will help remove a large increase in property taxes which were subsidized in 2022 and 2023.
Finance Minister Jill Burridge says it’s a challenging time and this will help keep more money in Islanders’ pockets.
The amendment includes a tax credit for long term multi-unit rental properties.
Property tax bills will be released in early May next year.
