Certainty for BC Property Owners
Released by Kevin Kruger ( November 7, 2008)
Minister of Small Business and Revenue (British Columbia)

'On November 1, 2008, Premier Gordon Campbell announced that effective immediately and for 2009 only, assessments will be maintained for all property classes at their July 1, 2007 levels. New construction that takes place in 2008 will be assessed at a value as if it existed July 1, 2007.
As legislated under the Assessment Act, property assessments are based on market values as of the annual July 1 valuation date. The appraisal work and analysis is done by BC Assessment Authority over a long period of time each year, with the annual assessment roll finalized in December and notices mailed to property owners in January.
To ensure B.C.'s continued competitiveness, and to provide support for businesses and individuals in this challenging economic enviroment, the B.C. government is taking a number of other immediate steps to help keep B.C.'s economy strong.
One of these steps is a new property tax deferrment program. The program will allow people to defer their property tax payment for each of the next two years. To qualify, the owner must have at least 15 per cent equity in their home and be experiencing fnancial difficulties due to the current economic climate.
Homeowners will not have to pay the deferred taxes until they sell their homes, but can pay the Province back earlier if they choose. This will help homeowners who might otherwise have to try to qualify for a home equity loan during the current credit crunch. This provision is in addition to the current program, which benefits homeowners who are 55 years of age or older.'