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Tax Deferments

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Eligible homeowners may apply to have the Provincial Government pay the current year's residential property taxes for their principal residence. If you defer, the taxes paid on your behalf become a debt registered against your property's title and interest accrues annually.

The time to apply for property tax deferment is after you receive your annual tax notice in early June. To avoid penalty, the deferment application, payment for utility user fees, and the Home Owner Grant application must be received by July 31, 2017. Late applications will be accepted until December 31, but late payment penalties apply.

There are two property tax deferment programs available.

Regular Property Tax Deferment Program: For the regular tax deferment program, applicants must be at least 55 years old (or be disabled or widowed) and have a minimum equity in their home of 25% of the assessed value. The interest rate is set by the provincial government twice a year.
Families with children Property Tax Deferment: A program for families financially supporting a dependent child under age 18. The home equity requirement is 15%. Interest is set every 6 months.

Important information about Tax Deferment: You can defer your taxes as long as you own and live in your home and continue to qualify for the program. If your home is sold, your account must be paid in full. If you refinance your home, your mortgage holder may require the full repayment of deferred taxes upon refinancing.

For further information about the tax deferment programs, visit us at the Municipal Office, telephone the Province's Tax Department at 1-800-663-7867, or visit the Provincial Government website at http://www2.gov.bc.ca/gov/content/taxes/property-taxes/annual-property-tax/defer-taxes.