By Marg Land
July 18, 2008, Charlottetown, PEI
– The provincial government is implementing an immediate 25 per cent
depreciation on the assessment of all farm buildings in P.E.I.
specifically designed and used for the production of pork, beef, and
July 18, 2008, Charlottetown, PEI – The provincial government is implementing an immediate 25 per cent depreciation on the assessment of all farm buildings in P.E.I. specifically designed and used for the production of pork, beef, and potatoes.
The move follows the completion of a review of all farm building assessments across P.E.I., which had been requested by Provincial Treasurer Wes Sheridan and Agriculture Minister Neil LeClair.
Farmers can also apply for assessment reductions for any farm buildings that can no longer be used for their original purpose.
“We’ve been hearing many producers are having a tough time,” said Sheridan. “We’re aware there has been a real impact on the market value of farm buildings, and we’re pleased to provide some measure of relief to hard-working Island producers.”
“I am pleased that we have been able to respond to requests from the industry for some measure of tax relief during these difficult times,” said LeClair. “The provincial government is strongly committed to continuing to work with producers to develop solutions that will ensure the sustainability of our leading industry.”
As part of the review process, Provincial Tax Commissioner James Ramsay consulted with the P.E.I. Lending Authority and various agricultural groups, and explored the ways the depreciation issue is being handled in Nova Scotia and New Brunswick.
Any adjustments will be applied to the current year’s assessment. Before the second instalment is due at the end of August, the province will be sending out a revised Summary of Property Charges to the property owners whose assessments are reduced and will issue a credit on the taxpayer’s account in the amount considered.
Property owners wishing to obtain more information should contact Taxation and Property Records at 902-368-4070 or visit the tax and land website at www.taxandland.pe.ca.