Defer your property taxes in 2009

Dec. 15, 2008 | Market Update | By Aaron Rossetti

For 2009 a temporary 2 year tax deferment program has been set up allowing all homeowners, not just those 55 and older,  the ability to defer their property taxes if they meet the following criteria:

1) Have 15% equity in your home

2) Can prove limited financial resources

The interest rate on the deferred taxes will be at the prime rate. The province will pay your taxes to your municipality on your behalf. Homeowners will not have to pay their deferred taxes until they sell their hoe, but can pay the province back earlier if they choose.

Source: RealtorLink