More Delta homeowners are holding off paying their property taxes.
Figures provided by Delta’s finance department show an almost 50 per cent increase in the number of homeowners deferring their taxes in just a two-year span.
Residents who are 55 or over have an option to enroll in the tax deferment program, a low interest loan for qualified homeowners looking to hold off paying the property taxes on their principal residence until they sell.
According to Delta’s finance department, last year 2,258 applications were submitted for the property tax deferment program, while another deferment program for families with children had 73 applications.
The number has grown over the past couple of years as 2,040 applied for tax deferment and 57 for the family program in 2017, while it was 1,520 and 37, respectively, in 2016.
According to a new report by B.C.’s Seniors Advocate Isobel Mackenzie, the number of seniors in B.C. deferring their property taxes has grown by 53 per cent over the past four years. Mackenzie noted that 81 per cent of seniors are homeowners and 73 per cent have no mortgage.
“The cost of housing is affecting seniors as the number deferring their property taxes has grown exponentially,” she said.
According to Delta’s Social Profile, seniors currently make up 15 to 20 per cent of the city’s population, although by 2024 that’s expected to increase to 41 per cent.
“The increasing senior population is greatly affected by the rising costs of food, utilities and living. Those who are vulnerable are those still living in large housing with corresponding larger costs for operating,” the Social Profile report states.
For more information about property tax deferment visit: https://www2.gov.bc.ca/gov/content/taxes/property-taxes/annual-property-tax/defer-taxes.
