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SeniorsBC

Property Taxes

If you’re a home owner, property taxes can be a major expense. Property taxes are levied on the basis of the assessed value of your property. The assessed value of your property is mailed to you each January and the tax notice is mailed to you in May. Home Owner Grants are available to reduce your property taxes payable, and you may be able to defer tax payments to the future.

Home Owner Grants

If you’re a B.C. resident and own the home you live in, you may be eligible for the provincial Home Owner Grant to help reduce your property taxes. You can apply for the Home Owner Grant by filling out the form on the back of your annual property tax notice. Seniors may be eligible to receive the Additional Home Owner Grant in addition to the basic grant.

To find out whether you’re eligible for the Home Owner Grant, how to apply for it and more, visit the Ministry of Finance website.

Property Tax Deferment

If you are a home owner age 55 and over, you may be able to defer the payment of the property taxes on your main residence. Through the Property Tax Deferment Program, you can receive a low-interest loan to help you pay your annual property taxes. The deferred taxes must be fully repaid, along with interest and an administrative fee:

  • before your home can be legally transferred to a new owner, other than directly to your surviving spouse
  • upon the death of the agreement holder(s)

In 2009, the provincial government created a temporary program to allow eligible home owners facing financial hardship, and who have at least 15 per cent equity in their homes, to defer their 2009 and 2010 property taxes.

For information about the Property Tax Deferment program, visit the Ministry of Finance website.