02/20/2017
BC Property Tax Deferral Programs for Primary Residences
With higher property tax assessments this year come higher property tax bills. This is both good and not so good news for existing homeowners. You may find that deferring the property taxes on your primary residence this year makes sense financially, leveraging the BC Government's Property Tax Deferment programs.
There are two programs, one for homeowners over 55 years old and one for homeowners with children. The deferred taxes will accrue simple interest at very favourable rates which would be more advantageous than using credit cards, personal lines of credit, or even a Home Equity Line of Credit. If you were planning to pay the property taxes using your savings, it may even make sense to take the deferment instead and invest the money somewhere else earning higher returns.
One thing to note is the deferment will be registered as a lien against the title of your home and will need to be paid back first should you wish to refinance your existing mortgage for more money or switch lenders down the road.
http://www2.gov.bc.ca/gov/content/taxes/property-taxes/annual-property-tax/pay/defer-taxes
You may be able to apply for a low interest loan to pay your property taxes on your principal residence. Find out if you qualify and how to apply for Regular Tax Deferment Program and Families with Children Program.
