The joys of homeownership – Property Tax Time is Quickly Approaching!
Posted by Michael Lepore on June 26, 2012 | No Comments
One of the many facets of homeownership is paying property taxes! At least in BC we have Home Owner Grants to help reduce the amount we pay. Residential property tax in BC is paid to the municipality or to the Surveyor of Taxes, for rural areas.
There are a number of types of grants available through the Home Owner Grant Program, based on specific eligibility for each grant offered.
Basic: this can reduce your property taxes by up to $570.00
Additional: This can reduce your taxes up to a further $275.00
Retroactive: The deadline to apply every year is December 31st, however, it may be possible for a retroactive grant to be provided if you are late. A grant will only be paid retroactively for one year.
Mulitple: Grants available for owners of eligible co-ops, apartments and housing societies structures.
There is also a new grant available for 2012 for low-income veterans called the Home Owners Grant Veteran Supplement.
Grants must be applied for each year and the property in which you apply for the grant must be your principal residence.
The BC Government provides loan programs to eligible home owners. There are now two programs, the Regular Deferment Program and the Families with Children Program.
The deferred taxes must be fully repaid, with interest, upon sale of the home prior to title transfer or upon death of home owner enrolled in the Deferral Program.
Though it’s never a joy to pay taxes, I try to look at it as a privilege to be a homeowner and that my taxes provide my city’s main source of money to provide valuable services such as water, sewer, drainage, traffic control, emergency services including firefighters and police, roads, parks and recreation facilities including pools and ice rinks. Makes things a bit easier as I approach this year’s deadline!
Filed Under: Accolade News, Richmond News, Vancouver News
