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Budget 2012 – Property Taxes
On February 21, 2012, the government announced proposed changes to provincial taxation statutes.
For a list of all the tax changes, please see the Budget 2012 Tax Change Summary.
For a summary explanation of the tax changes, please see the Budget and Fiscal Plan
For more information on each change, please see the documents and web pages linked below.
Tax Change |
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- Home Owner Grant extended for homeowners moving into a residential facility
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- Home Owner Grant Veterans Supplement introduced
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- Income threshold increased for Home Owner Grant Low-Income Grant Supplement
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- Threshold increased for Home Owner Grant phase-out
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Tax Change |
Sources |
- Fire insurance requirement removed for homeowners with sufficient equity
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- Eligibility of leaseholders to defer tax clarified
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Tax Change |
Sources |
- Exemption for re-registration of life estates introduced
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Tax Change |
Sources |
- Provincial residential rural area property tax rates set
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The longstanding rate setting policy that average residential rural property taxes increase by the previous year’s provincial inflation rate will continue for 2012. |
- Provincial non-residential rural area property tax rates set
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Consistent with longstanding policy, non-residential rural area property tax rates will be set so that total
non-residential rural area tax revenue will increase by inflation plus new construction. The rates will be set when revised assessment roll data are available. |
Tax Change |
Sources |
- Provincial residential school property tax rates set
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The longstanding rate setting policy that average residential school property taxes, before application of the home owner grant, increase by the previous year’s provincial inflation rate will continue for 2012. |
- Provincial non-residential school property tax rates set
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Consistent with longstanding policy, the rates for 2012, except the rate for the major industry property class, will be set so that non-residential school tax revenue will increase by inflation plus new construction. The rates will be set when revised assessment roll data are available.
The major industry class tax rate will be set the same as the business class tax rate. |
Historical Budget Bulletins |
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