“As a result of changes required to implement the new owner-occupied residential property assessment freeze, we will be late mailing this year’s Notice of Assessment and Summary of Property Charges to Island property owners,“ Ramsay said. “The notices are usually mailed during the first week in May, but we now expect all notices to go out on or before May 28.”

As this is later than normal, the province will be accepting payments up to June 20, 2008, without penalty. After June 20, normal penalties will apply.

Property owners will notice a couple of changes when they receive their statements this year. “During the property assessment freeze, we will continue to assess properties, and those revised values will appear on the property owner’s Notice of Assessment. However, all provincial and municipal property charges will be based on the frozen assessment. ”

The freeze applies only to the owner-occupied residential portion of the property assessment. The freeze does not apply to commercial land, properties that are rented, undeveloped land or vacant lots, or any increases in value that are attributed to renovations or new construction.

Property owners wishing to obtain more information should visit the Taxation and Property Records’ website, www.taxandland.pe.ca or call 902-368-4070.