Released on April 26, 2005
The provincial government is moving forward with legislation that will allow an average eight per cent credit on the education portion of property tax notices in 2005 and 2006."This program responds to the issue of sustainable, meaningful education property tax relief," Learning Minister Andrew Thomson said.
The Education Property Tax Credit program provides $110 million over two years and should result in the provincial share of education funding rising from 42 to 47 per cent. The 2005 property tax notices that show the credit will soon be sent to ratepayers across Saskatchewan.
The uniform tax credit is based on a percentage of the education property tax levy for the 2005 and 2006 property tax years. Residential and agricultural property owners and most businesses will receive a reduction averaging eight per cent in the education property tax levy for 2005. The credit is also available to commercial, industrial and mult-iunit residential properties but will be capped at $2,500 annually.
The decision on how to deliver the program was based on input from the Saskatchewan Urban Municipalities Association, the Saskatchewan Association of Rural Municipalities and the Saskatchewan School Boards Association, other stakeholders and government.
School divisions will receive compensation from the Department of Learning for reduced education property tax revenues as a result of the credit program.
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For More Information, Contact:
| Jacquie McLean Learning Regina Phone: (306)787-5609 Cell: (306)535-2261 |