Objective:

To encourage Members of Provincial Parliament to vote in favour of the Homestead Act at Second Reading, which is taking place on April 13, 2006.

Status of Legislation:

The Homestead Act received first reading on March 1, 2006. Tim Hudak has been able to switch time slots with a colleague so that the Homestead Act can be debated sooner. As a result, the Homestead Act will be called for Second Reading on April 13, 2006 (otherwise it would have been called in late September or early October at the earliest).

About the Act:

The three primary benefits on the Homestead Act, 2006 include:

• A cap on residential property assessment increases for tax purposes at five percent per year as long as home ownership is maintained
  
  
• The ability for Ontario homeowners to make up to $25,000 in home repairs, alterations, improvements or additions without facing an increase in their property assessment
  
  
• Seniors and the disabled would not pay property taxes on the first $10,000 of assessed value for their principal residence.