However, a number of tax credit and tax deferral programs have been put in place to help eligible property owners in Prince Edward Island. Those who meet the criteria can apply for one or more of these programs.

• Owner-occupied Residential Tax Credit: Registered owners of owner-occupied residential properties are eligible for this provincial tax credit. The purpose is to provide property owners with predictable property taxes by limiting tax increases to no more than the annual average PEI Consumer Price Index (CPI). (2004 = 3.57%, 2005 = 2.13%)

• Provincial Tax Credit: A tax credit is extended to property owners of Prince Edward Island who reside in the province for 183 consecutive days, or more, in each taxation year (January 1 to December 31).

• Real Property Tax Deferral Program for Senior Citizens: This program lowers the cost of living for eligible seniors by allowing those interested in the program to apply for a deferral of property taxes on their principal residence. If a client is 65 years of age or older, has occupied their principal residence for at least six months in the year preceding the date of application, and has an annual household income less than $30,000, he or she may qualify for this program.

• Farm Assessment and Farm Use Assessment: Bonafide farmers and property owners who rent or lease to bonafide farmers are eligible for Property Tax Credits.

Application forms for these programs are available at Taxation and Property Records, 1st Floor, Shaw Building, 95 Rochford Street, Charlottetown; at any Access PEI centre; or online at www.TaxandLand.pe.ca/forms

There are also a number of Environment Land Credits available:

• High Slope Land: If a property of one hectare or more (2.5 acres) has a slope greater than 9% and has a farm assessment for farm-use assessment, it may qualify for an Environmental Land Credit.

• Buffer Zone: If a property of one hectare or more (2.5 acres) with cleared or wooded buffer zone has a farm assessment or farm-use assessment, it may qualify for an Environmental Land Credit.

• Environmental Friendly Farm Building Credit: Under this tax program, bonafide farmers who are in compliance or actively in the process of complying with the environmental legislation and guidelines, can receive an Environmental Farm Building Provincial Tax Credit.

Application for these credits may be made through the Department of Agriculture, Fisheries and Aquaculture, or any Access PEI centre.