Okay for all you movie buffs out there...I know it was really "The New Phone Books Are In! " from Steve Martin in the movie The Jerk but I am not sure how many people on PEI were that excited yesterday when most of us received our 2010 tax assessment bills. I don't know many people who get excited over such things.
In last years legislature, the PEI Government decided to "unfreeze" the assessments that were a campaign promise and tie taxes to "market value" We had discussed this in a blog at the time "Explain this to me like a 5 year old" - (this too a quote used in Philadelphia) As you can see, I spent a lot of time watching movies.
When the PEI Government announced these changes and what the governments meaning of "market value" was...it was quite confusing to the PEI real estate industry and we felt it would be confusing to the public
After meeting with the Provincial Treasurer and his staff we had made our concerns known with the confusion and I will give them credit- They listened. In each tax bill there is a very well done brochure on how to read your tax bill and what it all means.
Now if you stay in your home, your tax assessment will only increase by CPI but your home may see an increase in the market assessment..this will affect the person who buys your property as when they assume ownership of your property they will start their assessment off as the market assessment.
If you have questions, the government is holding various information sessions and I encourage you to read the brochure and also refer to the PEI Governments taxation website www.taxandland.pe.ca
You can also contact any of our team here at Century 21 Colonial Realty and we will do what we can to help you out.
To stay current on the PEI Real Estate Market Follow Us on Twitter