Property Tax Deferment - Smyth - May 30, 2011
Recently I heard about and researched the British Colubmia Property Tax Deferment Program, a little known and relatively little used, program sponsored by the provincial government.
Now that property tax time is upon us you may wish to give some thought to using the British Columbia Property Tax Deferment Program (BCPTDP) as well. The program has been around since the 1970's and is user-friendly.
HOW DOES IT WORK?
Here are the essentials:
1. 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;
2. Are age 55 or older (either you or your spouse) during the year you apply; or you are a surviving spouse; or you are a disabled person as defined in regulation;
3. Have a minimum equity of 25% of the current assessed value of the home where you live and conduct your daily activities; and,
4. Have a current fire insurance policy on your home.
The BC Government will lend you the money to pay your property taxes at simple, not compound, interest. The interest rate itself cannot be higher than two percent below the prime rate.
You can continue to defer you taxes as long as you continue to own and live in your home and the loan is not repayable until you sell the home, or until the death of you and your surviving spouse or other interest holder.
You can get more information and download application forms from the Ministry of Small Business and Revenue website at www.sbr.gov.bc.ca/rpt or consult an expert at the department either in person at 1802 Douglas Street, Victoria or via E-mail to: firstname.lastname@example.org or by writing to
Tax Deferment Program, Ministry of Small Business and Revenue, PO Box 9446 Stn Prov Govt, Victoria BC V8W 9V6.
In Victoria, telephone 387-0555; from Vancouver or elsewhere call via Enquiry BC 1 800 663 7867 and ask for a transfer to 387-0555.