LOW INCOME PROPERTY TAX EXEMPTION

Purpose

The purpose of this Policy is to provide partial tax relief of current taxes on primary residences for low income property owners as permitted under Section 69 of the Municipal Government Act.

Policy

1. It is the intention of the Municipality to provide a partial tax exemption for low income property tax payers.
2. The exemption shall apply only to persons who are year round residents of the Municipality for their primary residence which is occupied by him/her.
3. Where the property is assessed to more than one person, any of them who is entitled to an exemption may receive only the portion of the exemption equal to that person’s share of the total assessment for the property, but where the different interests are not separate, then to that portion determined by the Treasurer, whose determination is final.
4. To qualify, the property owners’ total gross income from all sources, including the income of other family members residing in the household, must be $18,000.00 or less in the immediately preceding calendar year and taxes for the preceding year must be paid in full.
5. The amount of the exemption is limited to the amount of taxes payable for the year to a maximum of $200.00.
6. The applicant requesting a tax exemption shall be required to complete a statutory declaration and provide a copy of Income Tax Assessments prepared by Revenue Canada from the immediately preceding year.
7. Applications for a tax exemption must be received prior to August 31 each year.  Consideration may be given by Council to individual applications received after this date only if Council deems such consideration is warranted due to extenuating circumstances.

Policy Review
The income threshold and maximum exemption contained in this policy may be reviewed on an annual basis.