As summer approaches, it's crucial for homeowners in British Columbia to prepare for property tax season. Here's what you need to know to stay on top of your obligations and avoid any penalties.
Key Deadlines
Property tax notices are typically issued in June, with payments due on the first or second business day of July, depending on your municipality. Missing this deadline can result in late fees, so mark your calendar accordingly.
Didn't Receive a Tax Notice?
If you haven't received your property tax notice by mid-June, contact your local municipal finance department promptly to request a duplicate. It's your responsibility to ensure they have your current mailing address.
Home Owner Grant (HOG)
The BC Home Owner Grant is designed to reduce residential property taxes for eligible Canadian citizens and permanent residents whose home is their principal residence. To benefit from this program, apply before the tax due date. Missing the application deadline can result in penalties. Apply for your Home Owner Grant HERE.
Payment Options
Municipalities offer various methods to pay your property taxes:
By Mail: Ensure your payment is received by the due date.
Financial Institutions: Payments can often be made in person or online.
City Hall: Pay in person or use the drop box.
Mortgage: Some lenders include property tax payments in mortgage agreements.
Installments: Check if your municipality offers installment plans.
Online: Many municipalities have online payment systems for convenience.
Always confirm the available payment methods with your local municipality.
Property Tax Deferment Program
Eligible homeowners may apply for the BC Property Tax Deferment Program, a low-interest loan that allows you to defer paying property taxes on your principal residence. This can be particularly helpful for seniors or those facing financial hardship. Visit the BC Ministry of Finance's website for more details on eligibility and application procedures. Apply for the property tax deferment program HERE.
Staying informed and proactive about property taxes ensures you remain in good standing with your municipality and can take advantage of available programs to ease your financial burden.