The Government of Yukon is committed to supporting Yukoners in the face of higher costs of living and responding to high inflation and therefore will not be raising taxes on rural Yukoners, holding 2024 rural property tax rates at the same level as in 2023.
To further help with increasing housing costs, the Government of Yukon encourages homeowners to apply for a Home Owners Grant for the 2024 tax year, starting May 15. This grant reduces the amount of property tax paid on a principal residence. It is available to homeowners who pay property taxes to a municipality or the Government of Yukon if they live in a rural area. Eligible individuals can receive a grant of up to 50 per cent of the property taxes owing on their residence, to a maximum of $450 and subject to a $100 minimum tax. Eligible individuals aged 65 and over can receive up to 75 per cent of the property taxes owing on their residence to a maximum of $500.
Low rural property tax rates coupled with the annual Home Owners Grant to eligible households are a huge support for rural Yukoners. Helping Yukoners have good quality services, regardless of where they live, while keeping their lives affordable is a priority for our government.
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Under the Assessment and Taxation Act, Cabinet must set property tax rates by regulation no later than by April 15 of each year.
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Rural property values were last reassessed in 2022 in accordance with the alternating cycle that sees properties within the Government of Yukon’s taxing authority reassessed every two years.
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Property taxes are calculated by applying the tax rate to the assessed value of the property. While the tax rate remains unchanged, rural property owners may see an increase in their taxes based on the assessed value of their property. For example, they may see an increase in their property value if they improved their property in the past year.
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The Department of Community Services Property Assessment and Taxation Branch reviews the value of land and improvements every year, alternating between municipal and rural properties. This keeps values current and avoids large changes that could occur if assessments were done less frequently.
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In 2023, approximately 16,300 municipal properties were reassessed for the 2024 tax year.
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This spring and summer, approximately 8,900 rural properties will be reassessed for the 2025 tax year.
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From May to July 2023, over 1,500 people used the convenience of the online tool to pay their rural property taxes and apply for the Home Owners Grant at the same time.
Laura Seeley
Cabinet Communications
867-332-7627
laura.seeley@yukon.ca
Bonnie Venton Ross
Communications, Community Services
867-332-5513
bonnie.ventonross@yukon.ca