NEW STEPS TO HELP HOMEOWNERS, SENIORS & RURAL RESIDENTS

B.C. Govt.

Property assessments locked in: The Province will lock in the property assessment roll for one year to create certainty for homeowners, businesses and local governments. “We know that property values have fluctuated widely since assessments were conducted last July,” said Premier Campbell. “To avoid confusion, anxiety and unnecessary assessment appeals prompted by higher-assessed property values that do not reflect current market conditions, we will lock-in B.C.’s assessment rolls at 2007 assessed levels.”

This measure will provide time for markets to stabilize and reflect proper market values so property owners know how much they will pay in property tax and local governments know how much they will collect to provide services. It will help municipalities who otherwise might be forced to make significant adjustments to mill rates and protect homeowners whose assessments would be higher than the market value of their homes. This will not apply to new homes that have not yet been assessed. This will not affect municipalities’ ability to set their own mill rates.

Temporary property tax deferment program: The Province will create a new, temporary property tax deferment program. The program will allow people with at least 15 per cent equity in their home, who attest that they are experiencing serious financial difficulties due to current economic conditions, to defer their property tax payment for each of the next two years. Homeowners will not have to pay the deferred taxes until they sell their home, but can pay the Province back earlier if they choose. The Province will charge interest at the prime rate on the balance outstanding on the tax deferment loan, while ensuring local governments receive property tax revenues. This will help homeowners who would otherwise have to try to qualify for a home equity loan during the current credit crunch.