Interest Rates

Simple interest is charged on deferment accounts at a rate not greater than 2% below the prime rate of the Province's principal banker for the Property Tax Deferment Program.   The interest rate is set every six months by the Minister of Finance.

For the period of October 1, 2011 to March 31, 2012 the interest rate is::

1.00% for the Property Tax Deferment Program
3.00% for the Property Tax Deferment Program for Families with Children
3.00% for the Property Tax Deferment Program Financial Hardship

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. It is not charged on the initial application fee or on renewal fees under the Property Tax Deferment Program.  Payments on deferment accounts are first applied to fees (if applicable), then interest, and then to the principal.

Interest History Table