Kent Spencer
Province
Homeowners wanting to defer their property taxes can do so from age 55, instead of at age 60. The provincial program was changed last year to help those on lower incomes.
“Increasing property values and municipal taxes have put pressure on the budgets of some British Columbians, particularly lower-income seniors and those on fixed incomes,” says Rick Thorpe, Minister of Small Business and Revenue.
Vancouver Coun. Suzanne Anton said deferment can make sense for those who are cash-poor but house-rich. “For seniors, it can delay the taxes,” she said. “The elderly . . . should be using their assets.”
The provincially funded program loans money to homeowners at annual interest rates, set every six months and currently four per cent.
Municipalities receive replacement funds from the province: $39 million in 2006; $52 million in 2007.
More than 1,600 Vancouver residents claimed $6.5 million in deferments last year, the most in B.C. They were followed by 1,200 West Vancouverites claiming $5.6 million and 1,100 in North Vancouver District claiming $3.7 million.
The debt is registered as a claim on the property at the land-title office. The home may not be sold or transferred until the debt is paid, except as a transfer to a surviving spouse.
User-pay utilities such as water, sewer, drainage and garbage pickup are still payable directly to the homeowner’s municipality.
© The Vancouver Province 2008