Big hike in your property tax bill? Here are eight things to know about deferring payment

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Did you just get a shock when you received your annual property tax notice?

Big hike in your property tax bill? Here are eight things to know about deferring payment Back to video

After another year of soaring house prices in 2022, many B.C. homeowners are facing a bill that took a significant jump again this year, at the same time they’re juggling higher interest rates and other rising costs. “With global inflation, we know people are struggling with costs, including the cost of housing,” says a spokesperson for the B.C. Ministry of Finance. “Programs like the property tax deferment program can help.”

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The combined effects of soaring property prices, rising municipal taxes and inflation have made deferment increasingly popular. In 2022, B.C. had 15,588 new deferral applications and 68,220 homeowners renewed, both higher than any other year. Total deferred taxes amounted to $368 million, another record.

B.C. seniors’ advocate Isobel Mackenzie has long been a champion of the deferment program, calling it “a very effective way for seniors to increase their income.”

But inflation means it’s only part of what’s needed in B.C. “It’s not a solution for all low-income seniors,” says Mackenzie. “It’s not enough for some.

“One of the things that jumps out right away is this doesn’t help people who rent,” which is the case for about 15 per cent of seniors. (There is a rental supplement program for seniors in B.C., but its income and rent-support thresholds are “woefully inadequate,” says Mackenzie.)

That’s why the seniors’ advocate supports the province offering deferrals for low-income seniors on such costs as hydro bills, strata fees and home insurance — all expenses that could be recouped whenever the senior either downsizes, moves into a care home or dies, which would leave the estate burdened with the deferred amounts.

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