Rick Stiebel
B次元官网网址 Gazette
The number of seniors in B.C. taking advantage of property tax deferrals continues to rise at a rapid rate.
According to the Monitoring Senior Services program report for 2018, 57,305 seniors deferred their property tax in 2017, an increase of 21 per cent, or 13,179 new users compared to the year before. The Property Tax Deferment Program allows people over the age of 55 to defer payment of their municipal property taxes at a nominal rate of interest until their property is sold. Overall, the number of deferrals has increased by 55 per cent in four years, and more than 20 per cent in the past year.
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B.C. Seniors Advocate Isobel Mackenzie said she doesnB次元官网网址檛 see the increase as a bad thing, considering that 81 per cent of seniors in the province own their own homes. B次元官网网址淲ith the values of homes increasing so much, the debt created by deferring the property tax is a small amount,B次元官网网址� Mackenzie said in an interview with the B次元官网网址 Gazette. Interest rates on deferred amounts, which have been as low as 0.7 per cent in recent years, are at 1.5 per cent as of Oct. 1, 2018, and rise or fall accordingly as interest rates are adjusted. B次元官网网址淚 would rather see seniors take advantage of the deferrals than going without. IB次元官网网址檓 not sure you should be allowed to defer at age 55. The advantage should be focused on seniors whose housing costs are rising faster than their income.B次元官网网址�
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Mackenzie would also like to see the existing infrastructure currently in place for property tax deferments utilized to include other services seniors rely on.
B次元官网网址淚B次元官网网址檝e recommended that the government look into that in the past,B次元官网网址� she said. B次元官网网址淗aving similar deferments would be helpful.B次元官网网址� She cited a 25 per cent increase in BC Hydro rates as an example of where existing infrastructure could be put to similar use to ease the burden on seniors.
The number of seniors accessing rent subsidies through the Shelter Aid for Renters (SAFER) program increased by seven per cent in 2018 with 22,956 seniors receiving the supplement.
For a comprehensive look at the complete report, which covers a wide range of subjects, visit.
