P.E.I. plans to tie property tax increases to Consumer Price Index

The Canadian Press ~ The News
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CHARLOTTETOWN - The P.E.I. government plans to tie property tax increases to the Consumer Price Index, which means most Islanders will not see an increase in property taxes on their bills next May.
Government introduced changes to the Real Property Assessment Act on Tuesday which will cap increases at five per cent, even if the CPI goes beyond that.
The index has been firmly in negative territory in 2009.
Provincial Treasurer Wes Sheridan says the changes being introduced will create a fair and transparent process to setting property tax rates.
Property taxes have been frozen on the Island for the past three years.
Opposition finance critic Jim Bagnall says he's fearful the proposed changes could curb housing sales because they include a section that would establish the base rate for property taxes at market value, instead of assessment value.

Geographic location: CHARLOTTETOWN

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