Property Tax Deferment Option Available For Families
PROPERTY TAX DEFERMENT OPTION AVAILABLE FOR FAMILIES
VICTORIA – Families with children under the age of 18 can now defer their property taxes at low interest rates through a new provincial program introduced in Budget 2010, said Finance Minister Colin Hansen today.
“This tax deferment program is a new option for families who need support during those years when household costs are typically highest. We want to ensure families know help is available, should they need a hand,” said Hansen. “I encourage families to pick up one of our brochures that answer questions about what’s involved with deferring 2010 property taxes.”
With residential property tax notices being issued by municipalities, informational brochures for families about how to sign up for the Families with Children Property Tax Deferment Program are now available from the Province at municipal offices, Service BC Centres and local MLA offices. These brochures explain who qualifies for the program, how to apply, and when deferred taxes must be repaid. The brochures are also available on the Province’s website at www.gov.bc.ca/fin. As with the Property Tax Deferment Program for seniors and the Financial Hardship Property Tax Deferment Program, the Families with Children Property Tax Deferment Program allows eligible homeowners to defer their annual property taxes for the 2010 and following tax years. To qualify, a person must have 15 per cent equity in their home and be a B.C. resident who financially supports a child under age 18. Eligible homeowners can defer all or part of the unpaid portion of their property taxes until they sell or transfer ownership of their home, or it becomes part of an estate.Families are no longer eligible once their dependent children are 18. However, there is no need to repay the deferment loan until the title is transferred, providing the family’s house remains their principal residence. Simple interest will be charged on the deferred taxes at the chartered bank prime rate of interest. The rate will be set twice a year. The present rate of interest is 2.25 per cent.For more information about the Province’s property tax deferment programs, visit www.sbr.gov.bc.ca/individuals/Property_Taxes/Property_Tax_Deferment/ptd.htm