The City of White Rock I Tax Deferment

Eligible homeowners may apply to have the Provincial Government pay the current year’s residential property taxes for their principal residence. If you defer, the taxes paid on your behalf become a debt registered against your property’s title and interest accrues annually. Interest rates are set twice a year.

The time to apply for property tax deferment is after you receive your annual tax notice at the end of May. To avoid penalty, the deferment application, payment for utility user fees, and the Home Owner Grant application must be received by July 2, 2010. Late applications will be accepted until December 31, but late payment penalties apply.

For 2010, there are three property tax deferment programs available.

Regular Property Tax Deferment Program

• must be at least 55 years old, disabled or widowed
• must have a minimum equity in their home of 25% of the assessed value
• interest rate is prime minus 2 points

Property Tax Deferment Program for Families with Children

• must be financially supporting a dependent child under age 18
• must have a minimum equity in their home of 15% of the assessed value
• interest rate is at the prime rate

Financial Hardship Property Tax Deferment Program

• temporary program for 2009 and 2010 only
• no minimum age requirement but must be experiencing financial hardship
• minimum equity requirement is 15% of the assessed value
• interest rate is at the prime rate

Important Information About Tax Deferment

You can defer your taxes as long as you own and live in your home and continue to qualify for the program. If your home is sold, your account must be paid in full. If you refinance your home, your mortgage holder may require the full repayment of deferred taxes upon refinancing.

If you deferred your taxes in 2009, you will receive a renewal application from the Tax Deferment office. Renewal is not automatic. Please bring your renewal form to the Property Tax Department along with your Home Owner Grant application and payment for your user utility fees.

For further information about the tax deferment programs, visit us at City Hall, telephone the Tax Department at 604-541-2107, or visit the Provincial Government website at www.rev.gov.bc.ca/rpt.