Property Tax Deferment Programs
The Property Tax Deferment is a loan program administered by the Province of BC that assists qualifying BC homeowners in paying the annual property taxes on their homes.
Certain conditions must be met in order for a tax deferment application to be approved. For an application form or for more information on eligibility, access the Property Tax Deferment website.
Tax Deferment Application Forms are available from City of Port Coquitlam Tax Office. To apply for a new Tax Deferment please send the completed application form and your completed and signed Home Owner Grant application to the City of Port Coquitlam (see contact information below).
All property taxes and utilities invoiced in the current year must be paid in full.
Frequently Asked Questions
What is Property Tax Deferment?
Property Tax Deferment is a loan program that assists qualifying BC homeowners in paying the annual property taxes on their homes. Presently 11,000 households defer property taxes under the program, which began in 1974.
Certain conditions must be met in order for a tax deferment application to be approved. For qualifications for Property Tax Deferment, click here.
What types of homes qualify for Tax Deferment?
You can defer taxes on the home where you live and conduct your daily activities. For most applicants, this will be the same property on which they claim the Home Owner Grant.
You must have a minimum equity in your home of 25 per cent of the assessed value, as determined by the British Columbia Assessment Authority. This means your mortgage and any other charges registered against your property can be up to 75 per cent of the assessed value. If your home is a manufactured home, it must be covered by a current fire insurance policy.
If you own your home under a long .term lease, or have a life estate interest in your home, you may also qualify for tax deferment.
What homes do not qualify?
Second residences such as summer cottages or property you have rented out do not qualify for tax deferment benefits.
How much of my property taxes can I defer?
After deducting the Home Owner Grant that you receive on your property, you can defer all or part of the unpaid balance of your home’s property taxes for the current year. If you rent out part of your home, you can defer taxes only on the part in which you are living.
Before applying for tax deferment, you must pay all property taxes, penalties and interest from previous years. User fees and utility charges on your property tax notice cannot be deferred.
Can a property owner get their deferred tax balance from the City's tax office?
No, for deferred tax balances, the property owners must contact the Tax Deferment in Victoria at 1.250.387.0599 or toll-free through Enquiry BC at 604.660.2421. Please have your Tax Deferment Agreement number available when calling.
What is the City of Port Coquitlam's role in deferring taxes?
The City receives completed application forms for
- renewals, and
- Home Owner Grants
The City also receives payments for outstanding taxes from prior years, and any unpaid user fees and utility charges.
City staff record the current status of the tax account on the deferment application or renewal form, and forward the completed form to the Provincial Government. Once deferments are approved and payment has been issued by the Provincial Government, the payment is applied to the tax account. This process may take a few months.
How long can I defer my property taxes?
You can defer your taxes as long as you own and live in your home.
The deferred taxes must be fully repaid, with interest:
- before your home can be legally transferred to a new owner, other than your surviving spouse; or
- upon the death of the agreement holder(s). Repayment is made through the estate.
You may choose to repay all or any part of the deferred taxes and interest at any time without penalty.
Do fees apply?
- A one-time administration fee of $60 is added to new agreements. Do not remit this amount.
- A $10 annual renewal fee is added to accounts with approved renewal applications. Do not remit this amount.
- A statement of account is mailed in April and a renewal application is mailed in May to agreement holders.
What about interest charges?
Simple interest is charged on your deferment account at a rate not greater than two per cent below the prime rate at which the province borrows money. The Minister of Finance and Corporate Relations sets the interest rate every six months.
You will be charged interest from the date you apply to defer your taxes, or from the date your property tax is due, whichever is later.
Are there late payment penalties on the deferment program?
A late payment penalty will be charged if:
- the property owner is ineligible for the deferment program
- the deferment application is cancelled or withdrawn before approval
- if the application for deferment is made after July 2nd
How do I apply for tax deferment?
You can apply for tax deferment when you receive your property tax notice.
Pick up an Application for Deferment of Property Taxes from the Tax Office at City Hall, 2580 Shaughnessy Street or download the form here.
Return completed applications to the Tax Office at City Hall for processing before the property tax due date. (Note: If you miss the property tax due date, you have until December 31 of the current taxation year to apply. Before applying for deferment you must pay all penalties, interest, previous years’ property taxes, user fees and utility charges, as they cannot be deferred.)
If your application is approved, a certified copy of the signed agreement will be registered as a lien in the Land Title Office, or in the case of a manufactured home, in the Personal Property Registry. The lien will remain in effect until the account is paid in full. Once the lien is registered, the deferment program will pay your current property taxes on your behalf. (Note: Tax deferment liens are restrictive. Changes to the titled ownership (e.g., adding or deleting owners, subdivisions, refinancing) must be completed before applying for deferment benefits. Title changes made thereafter (other than directly to a surviving spouse) may require repayment of your deferment account.)
Your deferred taxes and interest will be secured by a lien registered against your property in the Land Title Office or the Personal Property Registry. The lien will remain until the administration fee, deferred taxes and interest are fully repaid.
If, for any reason, your deferment application is withdrawn, cancelled or denied after the tax due date, or before this office pays the taxes on your behalf, your property taxes are overdue and late payment penalties will apply.
You must apply to defer property taxes before December 31 of the year the taxes are first billed.
Do I have to apply for deferment every year?
Agreement renewals are not automatic. A deferment renewal form must be signed each and every year. A renewal application will be sent to you in April of each new tax year, along with your annual account information.
Where do I get an application form?
- Download the form from the Provincial website.
- Contact the City of Port Coquitlam Tax Office at 604.927.5425 or firstname.lastname@example.org
- visit in person during business hours at the address provided below
City of Port Coquitlam
2580 Shaughnessy Street
Port Coquitlam BC V3C 2A8
How do I find out if my application has been approved?
Contact the Tax Deferment office in Victoria at 1.250.387.0599 or toll free through Enquiry BC at 604.660.2421.
Location and Mailing Address
First Floor, City Hall
2580 Shaughnessy Street
Port Coquitlam BC V3C 2A8
Business Hours: 8:30 am to 4:30 pm, Monday to Friday (excluding statutory holidays)