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February 14, 2008
For immediate release
Freeze on Residential Property Assessments will Provide Tax Relief for Island Homeowners
“After several years of increases, our Government wanted to give Island families a break,” said Minister Sheridan. “By freezing the assessments until 2010, my staff will have time to review the system to ensure it is fair to everyone.”
All assessments of residential properties that are occupied by the property owner, including recreational properties used exclusively by the owner, will be frozen at their assessed rate from 2007.
During the freeze, these properties will continue to be assessed at market value, and their revised values will appear on the owner’s Notice of Assessment. During this period, property owners may continue to refer and/or appeal these market value assessments. The provincial property charges, however, will be based on the frozen 2007 assessments.
The freeze does not cover increases in value that result from renovations or new construction.
Homeowners are reminded that while the province collects fees, fire dues and taxes on behalf of municipalities and the Island Waste Management Corporation (IWMC), it does not set those rates.
While the province will freeze its owner-occupied residential property assessments, municipalities or IWMC may adjust their rates or fees annually.
“Municipalities across PEI are currently preparing their budgets for 2008,” said Minister Sheridan. “It is my sincere hope that their tax rates are not increased so Islanders can truly benefit from this freeze.”