Premier Gordon Campbell, Convention 2008 - Tax Deferment

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.

Authorized By Jim Pipe, Financial Agent BC Liberal Party. Tel: 604.606.6000, 1.800.567.2257

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