CANADA, May 6 - The Government of Prince Edward Island is providing a one-time subsidy to offset the increase in 2022 provincial residential tax due to the 2021 Consumer Price Index (CPI).

The Property Tax Subsidy will be administered through the Provincial Taxation Office and will provide a one-time subsidy to owner-occupied residential properties across PEI that will match the CPI increase in provincial taxes payable on their 2022 tax assessment.

“Since the beginning of the COVID-19 pandemic, our government has been here to support Islanders, and we will continue to be here to offer assistance as global events such as COVID-19 induced supply issues, and the war in Ukraine continue to cause economic impacts in our Province."

- Finance Minister Darlene Compton.

Through the Real Property Assessment Act, the Provincial Taxation Office is mandated to complete annual property assessments on owner-occupied properties based on CPI, which in 2021 was identified as 5.1 per cent, resulting in a maximum allowable increase of 5 per cent to be applied to this year’s assessments.

“We have all felt the pressures of inflation caused by global events, and we recognize that this has been incredibly difficult for Islanders as we work together to emerge from a global pandemic,” added Minister Compton. “This initiative, coupled with the cost-of-living supports are examples of ways that government can directly help Islanders keep more money in their pockets, and we remain committed to ensuring that Islanders have the supports they need to continue to strengthen our Provincial economy.”

Islanders are reminded that property tax assessments for the 2022 tax year will be mailed out on May 6, 2022. If you do not receive your property tax assessment, please visit the Provincial Taxation Office located on the 1st Floor of the Shaw Building at 95 Rochford Street or call 902-368-4070.

Media contact:     Kip Ready Department of Finance kjready@gov.pe.ca