By Tom Fletcher - BC Local News Published: November 01, 2008
Premier Gordon Campbell promised a soft landing for property taxpayers in a campaign-style speech to delegates at the B.C. Liberal convention Saturday. Campbell announced plans to freeze property assessments at the 2007 level for this year, ignoring an assessment done this summer before real estate and financial markets started to drop sharply. Those who can't cover their property tax bill next spring will be able to defer it for up to two years, as long as they have at least 15 per cent equity in their homes. The deferral will amount to a loan from the B.C. government, subject to interest at the prime rate. "It's really an extension of the program we've had for seniors, which we extended last year to people 55 and older," Campbell told reporters after the speech. "And we're saying, if you're in a tough financial time right now and you just can't make the ends meet on your property tax, you can have a deferral for a year or for two years."
Forests Minister Pat Bell told Black Press the property tax plan will help people in forestry towns where mills may not reopen for more than a year. "There's 5,000 people living in Mackenzie that could have conceivably lost their homes," Bell said. "This will make the difference for them."
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