|PROPERTY TAX DEFERMENT FOR BC HOMEOWNERS
Skyrocketing home prices in many communities are a daily topic of media coverage and conversation it seems. While most of us are happy to see the value of our homes rise, we are often not so happy about some of the consequences. In particular, rising property taxes, which are tied to property value assessments, are putting a cash flow squeeze on many homeowners.
The Province of British Columbia offers a low interest loan program to homeowners with children, homeowners 55 years of age and older, and surviving spouses. The province will pay your taxes for you, charge simple (NOT compound) interest (currently at 0.70% for homeowners over 55, 2.70% for homeowners with children), and defer repayment until you sell your house. Sound interesting? Click here to learn more.
Vancouver residents should also refer to the City of Vancouver web page on the topic.