Death and taxes may be certain, but that doesn’t mean you shouldn’t try to postpone them.
Many cash-strapped parents pay property taxes they can’t afford because they don’t know about a provincial program allowing young families to defer those annual bills, according to City of North Vancouver Coun. Linda Buchanan.
City council voted unanimously Monday to publicize the oft-neglected Families with Children Tax Deferment program. Homeowners who support children or students are eligible for the deferment, which comes with 2.7 per cent interest.
The family program allows B.C. residents to put off part or all of their property taxes on their principal residence so long as they have a 15 per cent equity of the house’s assessed value and aren’t in arrears on property taxes or municipal utilities bills.
With property values rising and many young families financially stretched, Buchanan called on the city to make the program better known.
The city is planning to include information about the deferment program with this year’s tax notices and promote the option via the city’s website and e-newsletter.
While Buchanan was keen to let homeowners know about the deferment, she also suggested the provincial government consider dropping the interest rate. While young families pay 2.7 per cent interest on their deferred tax bill, homeowners 55 and older pay only 0.7 per cent.
“I think it would be wise to at least look at families being charged at the same rate as the 55-plus program,” she said.
Parents who don’t live with their children but pay child support and parents of children with disabilities may also be eligible.
Homeowners need to carry fire insurance to get the deferment.
Houses on First Nations land as well as homes registered under a business or estate are ineligible.
