We have had a number of questions from people about deferring their taxes.
The property tax deferral is a loan program between the property owner and the British Columbia Provincial Government. The program allows homeowners to defer their annual property taxes on their home if they meet certain criteria. There is a one-time administration fee of $60 for a new approved agreement and a $10 annual renewal fee for approved renewals. You do not need to send payment with your application – these fees are added to the deferment account.
You must have, and maintain, a minimum equity (see below) of the current BC Assessment value (other appraised values are not accepted), after deducting the upper limit of all outstanding mortgages, lines of credit and other charges on your home. Minimum equity:
– 25% for homeowners – 55 & older, surviving spouse, person with a disability
– 15% for homeowners – families with children
Previous years taxes, utility user fees, penalties and interest cannot be deferred. They must be fully paid before you apply for tax deferment.
For further information, call 1-800-355-2700 or visit the BC Ministry of Finance website: http://www.sbr.gov.bc.ca/individuals/Property_Taxes/Property_Tax_Deferment/ptd.htm