Property Tax Deferment Program for Families with Children
Strengthening families is at the centre of the government’s economic and social agenda. 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. This expansion of the Property Tax Deferment Program allows government to assist families with children, particularly during those years when household costs are typically the highest.
DID YOU KNOW.... Property tax deferment program is a loan progran for families with children.
For your information here is how the new program works.
As with the Property Tax Deferment Program for seniors and the Financial Hardship Property Tax Deferment Program, the Property Tax Deferment Program for Families with Children is a loan program that allows you to defer your annual property taxes on your home if you meet certain eligibility criteria.
After deducting your Home Owner Grant, you can defer all, or part, of the unpaid balance of your residential property taxes for the current year. All penalties, interest, previous years' property taxes and utility user fees must be paid to your municipal tax collector or the surveyor of taxes (rural properties), as these cannot be deferred.
You can defer your taxes as long as you own your home and continue to qualify for the program. The deferred taxes must be fully repaid, with interest, before your home can be legally transferred to a new owner, other than directly to your surviving spouse.
If you refinance your home, your mortgage holder may require full repayment of the deferred taxes upon refinancing. You may repay all, or part, of the deferred taxes and interest at any time without penalty.
Application forms will be available on the Ministry of Finance website, and at municipalities and Service BC Centres before property tax notices are mailed out in May 2010. The program will require one initial application followed by an application for renewal in each subsequent year of deferral.
If you wish to receive update(s) about this new program or any changes that relate to property taxes, please subscribe to the Property Tax What’s New webpage.