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Repay Your Deferment Loan

Learn how you or your legal professional can repay all or part of your deferred property taxes.

Useful Contacts

Contact us with your questions about deferring your property taxes.

Phone: 250-356-8121 (Victoria)
604-660-2421 (Vancouver)
1-800-663-7867 (Toll-free)

If you call from Vancouver or toll-free, ask to be transferred to 250-356-8121.

Email: TaxDeferment@gov.bc.ca

Farm Extension Program

If you own a farm in a rural area, you may be able to extend your property tax due date to October 31.

Defer Your Taxes

Once you receive your property tax notice, you may be able to apply for a low interest loan to pay your current year property taxes on your principal residence if you are one of the following: 

 You can apply to defer a portion or all of the residential (class 1) or residential and farm (class 1 and 9) property taxes after the home owner grant is deducted. If you qualify for the home owner grant, you must apply for it separately every year.

If your application is approved, the province pays your current year unpaid property taxes on your behalf.  

Some deferment applications can take several months to process because of the need to gather all the necessary information. If your application is received before the property tax due date but is approved after the due date, you won’t be charged a late payment penalty. 

You will be charged a late payment penalty if:

  • you apply after the property tax due date
  • your application is not approved and it’s past the property tax due date
  • you fail to provide requested information needed for your application
  • you sell your home before the taxes are paid on your behalf
  • you cancel or withdraw your application for any reason at any time before the taxes are paid on your behalf

You can make a payment or repay the loan at any time without penalty.

Property Lien

While you carry a property tax deferment balance, you will have a restrictive lien registered against your property. Once the lien is registered, you can only change your property title to add your spouse. You must repay the outstanding balance of your agreement before you:

  • sell your property
  • change property owners other than adding your spouse  
  • refinance with some financial institutions (check with your financial institution )

Other title changes may require repayment. Contact us for information.   

Interest

Interest is calculated every month starting from the date your property taxes are due or the date you applied to defer, whichever is later. You will be charged simple interest on the taxes you've deferred. You won’t be charged interest on interest or any application or renewal fees.  

Interest rates are set every six months. The interest rates until September 30, 2014 are:

Regular Program:1%
Families With Children Program:3%
Financial Hardship Program: † 3%

† The Financial Hardship Program was only available to homeowners in 2009 and 2010.