Interest Rates

Simple interest is charged on deferment accounts at a rate not greater than 2% below the prime rate of the Province's principal banker. The interest rate is set every six months by the Minister of Small Business and Revenue.

For the period of April 1, 2008 to September 30, 2008 the interest rate is 4%.

Interest is charged from the date your property tax is due or the date you apply to defer your taxes, whichever is later.

Interest is charged on the amount of the deferred property tax. It is not charged on the initial application fee or on renewal fees.

Payments on deferment accounts are first applied to fees, then interest, and then to the principal.

Interest History Table