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Its property tax season, and in order to avoid penalties, your taxes must be paid by the due date.
The first thing you need to do is determine whether your bank pays your taxes on your behalf or not. If you are unsure, you should be able to look at your annual mortgage statement from your lender and it will break down your payments by: principal, interest, and property taxes, if applicable.
In the case of your bank paying taxes on your behalf, it is advisable to get in contact with your lender to ensure they have received a copy of your most recent tax bill so that they have the correct amount. You will also want to update them on the status of your home owner grant (more on that below.) Taxes typically change every year and your lender should be adjusting your payment amount accordingly. However, sometimes things get missed and fall through the cracks. As the homeowner it is your responsibility to ensure your lender is collecting and remitting the correct amount.
If you are responsible for paying your property taxes yourself, you have convenient payment options that include online payment either directly to your Municipality, or through your bank’s online bill payment system. If you prefer to pay in person, check with your Municipality first about their in-person policies. With the Covid-19 pandemic many offices have adjusted their hours and/or policies about serving customers in person.
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Every year prior to paying your taxes, you must claim your Home Owner grant if you are eligible. You should have received an insert with your tax bill explaining how to apply. If you need more information or details about how to apply, contact your municipality.
There are two levels of grants available, depending on age, occupancy status & various other eligibility requirements. To learn more about the Home Owner Grant program you can visit the BC Government’s site here.
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Tax deferment is a low interest loan program that helps qualified B.C. homeowners pay their annual property taxes on their principal residence.
You may qualify for the Regular Program if you’re:
-55 or older during the current year
-a surviving spouse of any age, or
-a person with disabilities
You may qualify for the Families with Children Program if you’re a parent, stepparent or financially supporting a child.
Property taxes must be paid up to date in order to apply and qualify for the property tax deferment program.
For more information, visit: https://www2.gov.bc.ca/gov/content/taxes/property-taxes/annual-property-tax/defer-taxes
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In British Columbia, property taxes are due on July 2nd 2020. However, due to the Covid-19 Pandemic, some Municipalities have granted extensions.
Here is a list of Municipalities in/around Victoria, BC and their respective due dates:
Langford, Colwood, Saanich, Sooke, Highlands, Metchosin, North Vancouver – No Change – July 2, 2020
North Saanich – Deadline still technically July 2, but penalties not applied until after August 1, 2020
Victoria, Oak Bay – August 4, 2020
Esquimalt, View Royal, Vancouver, Surrey, Burnaby – September 30, 2020
Important note – some municipalities still require you to claim your homeowner grant by the original due date of July 2, 2020. It’s best just to claim your homeowner grant before July 2 in either case.
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