Property Assessment Services – Residential Property Tax Credit

Description:

Credits the assessed owner of real property an amount equal to all or a portion of the provincial rate of tax on the portion of the property occupied as the residence of the assessed owner and up to .5 ha of land. For those properties located in municipalities (cities, towns and villages) the amount of the tax credit is equal to the provincial rate of tax ($1.4573 per $100 of assessed value). Those properties located in local service districts receive a portion of the provincial rate of tax or $0.85 cents per $100 of assessed value.

When residential property transfers to a new owner, the tax credit is removed from the property until such time as the new owner completes an application that indicates if and when the property became the place of residence of the owner.