Property Tax Deferment Annual Renewal and Statement of Account
You must apply to renew your tax deferment agreement each year if you want the province to continue to pay your property taxes on your behalf. The renewal process is not automatic.
If you have an existing tax deferment loan, we will mail you a renewal application along with a Statement of Account each May. If you haven’t received your renewal application by early June, please contact us.
Note: If you are selling your home or refinancing, please contact us before you submit your renewal application as you may not qualify.
Apply to Renew
You can apply to renew your agreement once you’ve received your property tax notice. You have until December 31 of the current year to apply; however, we suggest you apply before the property tax due date to avoid late payment penalties.
Complete and submit the renewal application to the office that sent your property tax notice (not the tax deferment office), along with your:
- Completed home owner grant application (if you qualify)
- Payment for any outstanding penalty or interest charges or utility fees (don’t pay your current year taxes)
If you aren’t sure where to send your renewal application, contact:
- your municipality if your property is located in a municipality, or
- your local Service BC Centre if your property is located in a rural area.
If you have Power of Attorney and are renewing on behalf of a qualifying registered owner, you must sign the renewal with your name as it appears on the Power of Attorney document and include a copy of this document with the application (if you haven’t already provided it to us).
If you are renewing under the Regular tax deferment program, a $10 renewal fee will be added to your deferment account if your renewal agreement is approved. Don’t send this fee with your application.
There are no fees for the Families with Children tax deferment program.
If you submit your renewal application after the tax due date or your renewal is cancelled for any reason after the tax due date, your property tax office will charge you a late penalty.
Your renewal may be cancelled if:
- You no longer meet all qualifications for the tax deferment program
- You don’t provide us with requested information by the date indicated
- You pay your current year’s property taxes in full
- You sell your home
- You refinance with your lender and your tax deferment loan is paid in full
- You refinance your mortgage for a higher amount and as a result, you no longer have sufficient equity
- You change owner information on the property title
- The property is no longer your principal residence
- You subdivide the property
- Any legal action is taken against your property, such as a foreclosure, bankruptcy or consumer proposal
We will issue an annual Statement of Account before the end of May each year. The statement is for your information only. It’s not an invoice for payment.
The Statement of Account includes the following account information up to March 31:
- Your account balance
- Total amount deferred
- Total payments applied
- Total interest accrued
- Total fees accrued
- Interest rates applied
Your Statement of Account doesn’t include current year property taxes or any payments you may have made after March 31.
If you need to know the current outstanding balance on your loan, please contact our office.