The British Columbia Property Tax Deferment Program is a loan program that allows you to defer your annual property taxes on your home if you meet certain criteria.
To qualify for the Property Tax Deferment Program, you must be a Canadian citizen or permanent resident who has lived in British Columbia for at least one year immediately prior to applying for tax deferment benefits and be:
- 55 years or older during that calendar year (only one spouse must be 55 or older);
- a surviving spouse; or
- a disabled person as defined by regulation; and
- have a minimum equity of 25% in your home based on assessed values as determined by BC Assessment, and
- have a current fire insurance policy on your home.
Beginning in 2010, qualifying homeowners who are financially supporting a dependent child under age 18 will be able to apply to defer property taxes on their principal residence. To qualify for the Families with Children Property Tax Deferment Program, you must meet the following criteria:
- you are a Canadian citizen or permanent resident who has lived in British Columbia for at least one year immediately prior to applying for tax deferment,
- you are financially supporting, at the time of application, a dependent child who is under the age of 18 at any time in the calendar year in which you apply and who lives with you full time in your home, or lives with you at least part time under a shared custody arrangement, or does not live with you, but you pay support for the child, or are responsible for fees and/or living costs if they are attending school,
- you must have, and maintain, a minimum equity of 15% of the current BC Assessment value, and
- you must have a current fire insurance policy on your home for an amount not less than the current BC Assessment value.
For more information, visit www.sbr.gov.bc.ca/rpt or contact the nearest Service BC-Government Agent office, or the Finance Department at City Hall.