Property Tax Deferment
PROPERTY TAX DEFERMENT PROGRAM
This Provincial government program allows you to defer payment of annual property taxes if you meet certain provincial criteria.
You can defer taxes on the home where you live and conduct your daily activities. You must have a minimum equity of 25 percent of the assessed value. This means that your mortgage and any other charges registered against your property can be up to 75 percent of the assessed value.
Property taxes which qualify for deferment include the current year levy only, and must be net of the Provincial Home Owner Grant, and any utility charges (water, sewer and garbage user fees). All prior year property taxes, penalties, and interest charges must be cleared before you apply for tax deferment.
Simple interest is charged on your deferment account at a rate below the prime rate at which the Province borrows money. The interest rate is set by the Minister of Finance and Corporate relations.
The application forms for property tax deferment are available at City Hall.
Visit the BC provincial government's website for more information on the Tax Deferment Program.
Last Update : Monday, April 20, 2009