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December 11, 2008
For immediate release
Minister Sheridan to Introduce Legislation to Increase Threshold for Senior Citizen Real Property Tax Deferral Program
“Island seniors are telling us that it can be especially difficult to run their homes with the added burden of heating costs, said Minister Sheridan.”The Senior Citizen Real Property Tax Deferral Program can ease some of that pressure, and I will be pleased to introduce legislation to bring its threshold levels to meet today’s economic realities. I would like to thank MLA Robert Vessey for his attention to this matter.”
Under the Senior Citizen Real Property Tax Deferral Program, seniors aged 65 and older who have lived in their principal residence for at least six months in the past year and meet the income threshold can apply for a deferral of their property taxes for that residence. Should the homeowner decide to sell the property, all deferred taxes become payable. If the homeowner continues with the program for life, the accumulated taxes are required to be paid out of the estate.