P.E.I. government counters property tax increase with another subsidy
CBC
Prince Edward Islanders will not have to pay more in property tax in 2023, but the increase in assessments will remain on the books for future years.
Property tax assessments for owner-occupied residences are tied to inflation but capped at five per cent, and will go up the maximum this year.
But the province announced Wednesday that it will, as it did for 2022 when assessments also went up five per cent, provide a subsidy that covers the increase.
"As we continue to feel the effects of market and inflationary pressures, it is important that we keep more money in the hands of Islanders," said Finance Minister Mark McLane in a news release.
The subsidy will be applied automatically, and will appear as a separate line on property tax bills.
Compounded over two years, the five per cent increases come to a 10.25 per cent subsidy for Islanders who have been in their homes since 2021.
For a home assessed at $350,000, the subsidy will be about $600 in Charlottetown and Summerside, and about $350 in unincorporated areas.
In a statement last month, the province did not commit to providing the subsidy indefinitely.
Because the increased assessment remains on the books, Island homeowners, who were looking at possibly paying for two years' worth of increases this year, could face three years' worth of increases in one go next year.
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