Financial Hardship Property Tax Deferment Program

Interest Rates

Simple interest is charged on deferment accounts at a rate not greater than the prime rate of the Province's principal banker. The interest rate is set every six months by the Minister of Finance.

For the period of October 1, 2009 to March 31, 2010 the interest rate is 2.25%. Interest is charged from the date your property tax is due or the date you apply to defer your taxes, whichever is later.

Interest is charged on the amount of the deferred property tax.

Payments on deferment accounts are first applied to interest, and then to the principal.