Did you know you may be eligible to defer your property taxes?
Property tax deferment is a provincial low-interest loan program that helps qualified homeowners pay their annual property taxes on their principal residence. Taxes can be deferred for any year the homeowner lives in the home and continues to qualify for the program.
Property tax deferment is available to B.C. homeowners who are 55 years or older, a surviving spouse, or eligible persons with disabilities. Deferment is also available for homeowners who financially support a dependent child.
Deferment helps seniors stay in their homes longer and allows families to focus on providing for their children. Eligible homeowners are then able to pay their property taxes at a later date.
There are two options: the Regular Program, and the Families with Children Program. For new applications to the Regular Program there is a one-time fee of $60, and a $10 annual renewal fee. For the Families with Children Program, there is no fee for applying or renewing.
When you defer your annual property taxes, the Province charges interest on your tax deferment loan. The current loan rate is 1.2 per cent for the Regular Program and 3.2 per cent for the Families with Children Program. The deferred taxes and interest are paid when your home is sold or transferred.
Find out if you are eligible for either of the property tax deferment programs at http://bit.ly/2s7dSgF (Regular Program) or http://bit.ly/2J85iIi (Families with Children Program). Learn more about property tax deferment at http://bit.ly/2GM7FLP.
editorial@accjournal.caLike us on Facebook and follow us on Twitter
