Rental Unit Property Tax Subsidy extended by Province

The province has extended the Rental Unit Property Tax Subsidy to help landlords cover their increased costs without raising rents for Islanders.  Landlords can apply until May 31, 2023. Since launching in January, 1,017 properties have been approved for the subsidy.  Subsidy rates are determined by how the rental unit is heated.  The maximum amount of support received through the Rental Unit Property Tax Subsidy will be capped at 3% or 2% of rental income depending on how the unit is heated.  Only properties where 2023 rental rates are not increased above 2022 rental rates are eligible for the Rental Unit Property Tax Subsidy.