Government starts Financial Hardship Property Tax program

The Government is now accepting applications for the Financial Hardship Property Tax Deferment Program announced by Premier Gordon Campbell on Nov. 1, 2008.

The Financial Hardship Property Tax Deferment Program allows eligible homeowners who are facing financial hardship due to current economic conditions to defer the 2009 and 2010 property taxes on their home.

Homeowners may apply once they receive their annual property tax notice.  B.C.’s Financial Hardship Property Tax Deferment Program will allow eligible homeowners with at least 15 per cent equity in their home, and who are experiencing financial hardship due to current economic conditions, to defer their property tax payment for each of the next two years. Homeowners will not have to repay the deferred taxes until they sell or transfer their home, other than to a surviving spouse, but may pay the Province back earlier if they choose.

The Province will charge simple interest at the prime rate on the balance outstanding on the tax
deferment loan.

More information on the program is available online at:

www.sbr.gov.bc.ca/individuals/Property_Taxes/Property_Tax_Deferment/fh_ptd.htm

By Telephone:
Victoria: 250-387-0555
Vancouver: 604-660-2421
Elsewhere in B.C.: 1-800-663-7867