As we approach the property tax deadline, we want to remind you of the important dates and steps you need to take to ensure your property taxes are paid on time. This is particularly important for those of you who purchased a property earlier this year.
Key Dates to Remember:
•Property Tax Due Date: July 2, 2024 (some municipalities – July 3rd) check directly with your lender if you are unsure if they are included in your mortgage payment.
•Home Owner Grant Application Deadline: December 31, 2024
Your Responsibility as a Homeowner
If you purchased a property at the beginning of the year, it’s crucial to remember that paying outstanding property taxes is your responsibility. Failure to pay your property taxes by the due date will result in penalties and interest charges. Ensure you deduct any eligible Home Owner Grant (HOG) from your total tax amount before making your payment.
Claiming the Home Owner Grant (HOG) in British Columbia
The Home Owner Grant is a program designed to help reduce the amount of property taxes paid by eligible homeowners. Here’s a step-by-step guide on how to claim your Home Owner Grant:
1. Determine Your Eligibility: You must be a permanent resident of British Columbia.
•You must be a permanent resident of British Columbia.
•The property must be your principal residence.
•You must be the registered owner of the property.
2 .Understand the Grant Amount:
•Basic Grant: Up to $570
•Additional Grant: Up to $845 (for seniors aged 65 or older, people with disabilities, or surviving spouses of veterans)
3. Apply for the Grant:
•Visit the BC Government’s Home Owner Grant Application website. https://www2.gov.bc.ca/gov/content/taxes/property-taxes/annual-property-tax/home-owner-grant/apply
•Ensure you have your property tax notice on hand, as you will need the jurisdiction number and the roll number.
4. Submit Your Application:
•Fill out the application form online or submit a paper form if applicable.
•Submit the application before the property tax due date to avoid penalties on the total tax amount.
5. Receive Confirmation:
•After submitting your application, you will receive a confirmation. Ensure you keep this for your records.
Important Notes:
•Late Payments: If you do not pay your property taxes by the due date, you will incur penalties. Ensure you subtract any Home Owner Grant from your total property tax amount before paying.
•Penalties: The penalty for late payments is a significant percentage of the outstanding amount, so it is vital to pay on time.
If you have any questions or need assistance with your Home Owner Grant application, please contact the property tax office or visit the BC Government Home Owner Grant page directly.
If you have any mortgage related questions on mortgage options, renewals or a home purchase or review of finance outside your mortgage with a financial planning partner, please reply to this email and we are happy to assist.
Angela Calla is an 19-year award-winning woman of influence which sets her apart from the rest. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.
Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.
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