Blog by Betsy Carstairs

<< back to article list

Property Tax options for 55+

 

Property Tax - Deferment Program
If you or a family member are disabled, a widower or over the age of 55 you may be able to reduce your monthly housing costs with this government program.

Homeowners aged 55 years and over may defer the payment of annual property taxes on their principal residence. The Property Tax Deferment Program is a low interest loan program that assists qualified British Columbia homeowners in paying the annual property taxes on their home.

The deferred taxes are paid by the Province to the taxing authority (municipality or provincial collector), on behalf of the homeowner. The deferred taxes must be repaid with interest and an administration fee to the Province, either:
Before the home can be transferred to a new owner, other than to a surviving spouse; or upon the homeowner's death, with repayment through their estate.
The program is also available to homeowners of any age who are surviving spouses, or who meet the definition of a person with disabilities, in the Disability Benefits Program Act.

For more information visit www.hls.gov.bc.ca or call the Real Property Tax Department at 250-387-0555.