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Property Tax Deferment

 
The 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, 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 the calendar year;
  • 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 18 will be able to apply to defer property taxes on their principal residence. To qualify for the Families with Children Property 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 current calendar year in which you apply and who lives with you full time in your home, or lives with you at lease part time under a shared custody agreement, 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 maintian, a minimum equity of 15% of the current 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.

Property taxes can only be deferred on the home where you live and conduct your daily activites.  Second residences, such as summer cottages and rental properties do not qualify.
 

For further information on this program visit Provincial Government Property Tax Deferment Website;
or contact  the nearest Service BC Government Agent Office;
or the City of Powell River Finance Department at (604) 485-8621

 

 

 

 

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