Why Pay Property Taxes? Well your property tax payment is one of the largest revenue sources in the Province of BC. These taxes are critical in helping provide programs & services in communities throughout British Columbia.
If you own or lease property or manufactured homes property taxes must be paid yearly for each property type in BC.
List Of Services Property Tax Dollars Fund In British Columbia:
- Hospitals
- Libraries
- Recreation & community centers
- Road construction & maintenance
- Police & fire protection
- Schools
- Parks
- Garbage services
- Emergency Rescue Services
How much property tax you pay is determined by a Tax Rate & property assessment which is set to share the cost of providing these services.
When are your property taxes due? Check out the link
Why Claiming Your Home Owners Grant?
You or your spouse can only claim the home owners grant against your principal residence each year. However if you are married had have a written separation agreement with your spouse at the time you apply you can both claim the grant for separate principal residences.
A home owner’s grant is available to residents that pay property taxes to a municipality or province. For First Nation property taxes contact the First Nation directly.
How To Defer Your Taxes
If you are 55 years or older you may qualify to deferring your property taxes.
What Happens If You Don’t Pay Your Property Taxes
If payment for property taxes is missed by the date specified you will be charged a 5% penalty on your unpaid balance.
For balances remaining by 31 December each year you will be charged interest on the outstanding amount of 7%
What Happens If You Are 3 Years Behind On Property Taxes?
Each city or town holds and auction each year called the tax sale. Properties with 3 years of tax arrears can be bid. The current owners have one year after the tax sale to redeem the property or the process of transferring the property ownership starts.
To learn more about Tax Sale of homes in Vancouver.
