School me on the goodness of property tax deferral, why? I just read the paragraph on the BC gov't website and not seeing the benefit/value. If you do this, gov't put a lien on you and if you do any renos, you have to what ... get their permission? Sounds like a HUGE PIA.
From
website:
The Tax Deferment program is a loans program available to eligible B.C. homeowners. It allows you to defer your current year property taxes.
When you’re approved for the property tax deferment program, the Ministry of Finance pays your property taxes on your behalf after the tax due date and places a restrictive lien on your property. This means you’re limited in the types of changes you can make to your property title while you’re in the tax deferment program. Ensure you complete any necessary changes to your property title before you submit your application.
Simple interest is charged on the deferred tax amount starting from the date your property taxes are due or the date you applied to defer, whichever is later. Find out how interest is applied to your tax deferment loan.
P.S. good morning bcrdukes