The province has deferred the upcoming quarterly payment (June 30) of the Education Property Tax due to school boards until September 30th. This will allow municipalities to then provide a partial property tax deferral to their local businesses, including brokerages. It should be noted that there is no guarantee that municipalities will enact this deferral and, if they do, the payment will still be owed in the future. The Education Property Tax rate differs by municipality and is included in your overall property tax payment and is not charged separately. To determine your Education Property Tax savings this quarter you can multiply your brokerage’s annual assessed value by your municipal rate found here (Table 1) and then divide by four.
Average Brokerage = Cash flow savings dependent on location and property value