 |
|
|
Ministry of Finance and Ministry responsible for the Olympics |
|
|
FINANCIAL
HARDSHIP PROPERTY TAX DEFERMENT BEGINS |
|
VICTORIA
– Government is now accepting applications for the Financial
Hardship Property Tax Deferment Program announced by Premier Gordon Campbell on
Nov. 1, 2008, Finance Minister Colin Hansen said today.
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.
“This new program will be of
significant benefit to many British Columbians,” said Hansen. “We are fully
aware of the difficulties some homeowners are experiencing right now and this
program gives new options to homeowners
who are facing financial hardship.”
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.
The Financial Hardship Property Tax
Deferment Program will help homeowners facing financial hardship due to current
economic conditions while ensuring that local governments receive property tax
revenues. This program is in
addition to the existing Property Tax Deferment Program which benefits
homeowners who are 55 years or older and eligible persons with disabilities.
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
-30-
|
contact: |
Communications Director 250 356-2821 |
|
|
|
||
|
For more information on government services or to subscribe to the Province’s news feeds using RSS, visit the Province’s website at www.gov.bc.ca. |
||
