Property Tax Deferment Program

Along with increased property values, residents in the Okanagan are likewise receiving increased property tax bills. For some, this causes a significant financial burden. British Columbia’s Land Tax Deferment Act and its associated Regulations provide relief from this burden for some people in certain circumstances.

The Land Tax Deferment Act provides for a program that allows you to defer all or part of your property taxes on your principal residence until you no longer own and live in the home, or no longer qualify for the program. Although interest on the deferred property taxes is payable at the time of repayment of the deferred property taxes, it is simple interest and cannot exceed 2% below prime rate.

In order to be eligible for the program, you must be a citizen or permanent resident of Canada who has lived in British Columbia for the prior year and be:

- 55 years or older;
- a surviving spouse; or
- a person with a disability as defined by regulation.

In addition, you must have a minimum equity in your home of 25% of the appraised value, as determined by the British Columbia Assessment Authority.

More information on this topic can be located on the Ministry of Small Business and Revenue’s website at:
http://www.sbr.gov.bc.ca/documents_library/brochures/PropertyTaxDeferment.pdf

For more information on Tax Law contact Pushor Mitchell associate Melody Hope at:
hope@pushormitchell.com or (250) 869-1210