The new Ontario Property Tax Credit would be based on occupancy cost – property tax paid or 20 per cent of rent paid. A credit would be provided for occupancy cost of up to $250 for non-seniors or $625 for seniors, plus 10 per cent of occupancy cost. The credit would not exceed occupancy cost and would be subject to a maximum of $900 for non-seniors and $1,025 for seniors.

It would be adjusted by two per cent of adjusted family net income over $20,000 for single people and over $25,000 for families.  The property tax credit would be refundable and claimed on the personal income tax return, beginning with the 2010 return.