Bill 24: An Act to Amend Real Property Tax Act

This bill primarily affects property owners in Prince Edward Island who own non-commercial real estate, particularly landlords and investors who rent out multi-unit residential buildings. If you own an apartment building or rental property on PEI but aren't a qualifying resident owner under section 5, you'll now be eligible for a partial tax credit of $0.20 per $100 of assessed value on the rental portion of your property, starting January 1, 2026. Resident property owners — whether individuals or corporations who live in or use the property themselves — see both a tax rate increase and a larger offsetting credit, meaning the net change depends on assessed value. The bill matters to anyone from a small landlord renting out a duplex to a larger property management company running multi-unit buildings across the island.