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The BC Gov’t Has Expanded Its Property Tax Deferral Program To Include Homeowners With Children Under 18.

The Property Tax Deferral Program targeted at families with children was introduced in the March 2010 Provincial Budget

To be eligible for the program, homeowners with financial responsibility for a child under 18 must also meet the basic eligibility requirements of the current property tax deferral programs.

Specifically, they must:

• Be the registered owner of the home in which they currently reside.
• Be a Canadian citizen or permanent resident under the federal Immigration Act.
• Have lived in B.C. for at least one year prior to applying.
• Have a current fire insurance policy on their home.

The provisions of the program allow a homeowner to defer property taxes as long as they own their home and continue to meet the requirements of the program. The deferred taxes must be fully repaid, with interest, before their home can be legally transferred to a new owner, other than directly to a surviving spouse,or it becomes part of an estate.

Under the program, interest on deferred taxes will be charged at the prime lending rate of interest. The interest rate will be set twice annually.

The provincial government will pay the property tax to the respective city or municipal gov’t on behalf of the homeowner with the Gov’t registering a charge (ranked by filing date) on title.

The homeowner may repay all, or part, of the deferred taxes and interest at any time without penalty.

If a currently insured Genworth client wishes to refinance their home, Genworth will require them to pay the deferred taxes. If the homeowner refinances on a conventional basis, Genworth will have no requirement to pay the deferred taxes and any repayment will be as per each lender’s policy.

Genworth will continue to calculate the property taxes in the GDSR/TDSR regardless of whether the borrower pays their taxes or has them deferred.

Application forms will be available on the Ministry of Finance website, and at municipalities and Service BC Centres before property tax notices are mailed out in May 2010. The program will require one initial application followed by an application for renewal in each subsequent year of deferral.

The link below to the BC Gov't website and the program specifics.
http://www.sbr.gov.bc.ca/individuals/Property_Taxes/Property_Tax_Deferment/ptd.htm