VANCOUVER ISLAND, B.C- The British Columbia Ministry of Finance wants to remind homeowners that they may be eligible to postpone paying their property taxes.
According to a press release from the ministry, ‘property tax deferment’ is a provincial low-interest loan program that helps qualified homeowners pay their annual property taxes on their principal residence.
In the release, the ministry said that deferment helps seniors stay in their homes longer and allows families to focus on providing for their children.
The program is available to B.C homeowners who are 55 or older, a surviving spouse, eligible persons with disabilities and those who financially support a dependant child.
Taxes can be deferred for any year the homeowner lives in the home and continues to qualify for the program.
When you defer your annual property taxes, the Province charges interest on your tax deferment loan.
The current loan rate is 1.2% for the Regular Program and 3.2% for the Families with Children Program.
The deferred taxes and interest are paid when your home is sold or transferred.
Find out if you are eligible:
Learn more about property tax deferment: https://www2.gov.bc.ca/gov/content/taxes/property-taxes/annual-property-tax/defer-taxes