Real Property Tax Act (R.S.P.E.I. 1988, c. R-5).

The present Act provides for a centralized assessment system for real property taxation. In particular, for property tax purposes, the Taxation and Property Records Division of the Department of Finance, Energy and Municipal Affairs assesses the value of all real property within the Province. Taxing authorities use property assessments to determine the tax rates needed to raise the revenue required to pay for public services. Taxation and Property Records sends property owners a Statement of Account - Property Charges that shows assessed values and the applicable charges. Taxation and Property Records remits the municipal, fire district and waste watch portions of the property charges to the proper tax authorities. The text - consisting of 35 sections – deals with the following aspects: property liable to real property taxation, provincial real property tax, tax as applied to farm property, municipal real property tax, notice of taxation, correction of errors or omissions, tax deferral for senior citizens, overdue taxes, service of notices and documents, appeals board, general, offences.

Implemented by: General Regulations (P.E.I. Reg. EC 512/72). (2016-07-09)