More and more older Deltans are taking advantage of the provincial government's property tax deferment program.
According to the Corporation of Delta's director of finance, Delta has seen a huge increase in enrollment in the program in the last couple of years.
"In 2015, for example, the Corporation (of Delta) had approximately 201 new deferments with around 150 renewals," said Karl Preuss. "In 2016, we had an increase of new deferments of 507 and this year we had an increase of 670, so people are beginning to take advantage of that program."
Tax deferment is a low interest loan program facilitated by the province that helps qualified homeowners pay property taxes on their principal residence. The money is repaid when the home is sold.
There are two tax deferment programs, including one for those 55 and older, a surviving spouse of any age or a person with disabilities. Those eligible must also have at least 25 per cent equity in their home and insurance on the property.
The second program is for families with children and only those who are a parent, stepparent or financially supporting a child are eligible.
"I think when you see the price of houses going up and you see the amount of interest that is being charged by the provincial government, I think people realize that it is not a bad way," said Preuss." I think .7 or .8 per cent is the interest rate on it and when you have the value of your homes going up the way they have the past few years, why would you not?"
