Financial Hardship Property Tax Deferment Program
Frequently Asked Questions
Questions:
Answers:
Why is the B.C. government doing this? |
Government is implementing a number of initiatives to assist British Columbians during this time of global economic uncertainty. The financial hardship property tax deferment program will provide financial relief to homeowners in need while ensuring local governments are able to meet their financial commitments.
Will local governments be out of pocket? |
No, the province will pay property taxes deferred under this program to ensure local governments receive funds required to provide services to property owners.
The new financial hardship property tax deferment program will allow homeowners, who have at least 15 per cent equity in their home and who attest that they are experiencing financial hardship due to current economic conditions, to defer their property tax payment for each of the 2009 and 2010 tax years.
How does this program relate to the existing Property Tax Deferment program? |
The new financial hardship property tax deferment program is available to homeowners facing financial hardship due to current economic conditions, and is for 2009 and 2010 property taxes only. Other requirements are the same as the current Property Tax Deferment program, except that the financial hardship program is available to those under 55 years of age and the equity requirement is only 15 per cent compared to 25 per cent for the existing program.
How will serious financial difficulties due to current economic conditions be determined? |
Homeowners will have to attest that they are experiencing financial hardship due to current economic conditions.
For how long can taxes be deferred? |
The deferred taxes will not have to be paid back to the Province until the homeowner sells their home or makes a registered change to ownership other than to a surviving spouse. However, the deferred balance owing may be paid back earlier without penalty.
How can I find out more about this new temporary program? |
Please book-mark this page and check back frequently. Details for applying and eligibility requirements will be posted here.
Note: The existing Tax Deferment FAQ’s also apply to this program.
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