Property Tax Information | The Village of Radium Hot Springs

Property Assessments

For clarification, the Village of Radium Hot Springs DOES NOT issue the annual Property Assessment Notices. Assessment Notices are issued by BC Assessment.

Every January, the BC Assessment Authority, which operates as an independent, provincial Crown corporation, mails out assessment notices to all property owners in British Columbia. For information regarding how property values are arrived at or the appeal process, please visit BCAA’s website at www.bcassessment.bc.ca.

Property Taxes

Each year, after adoption of the financial plan but before May 15, council must, by bylaw, impose property value taxes for the year. These rates are then applied to the assessed values of properties, which are provided by BC Assessment. Property Taxes are due in July.

Payment Options

Online/Telephone Banking
If you are paying by way of online or telephone banking, there is always a lag time between when you make the payment and when that payment is credited to the Village bank account (can be up to three or four days). Please ensure that you allow adequate time for this payment to be processed by the banks (ie. don’t make the payment the night before the due date)

Payment send by Post/Courier
Historically, Canada Day falls right around the time that taxes are due. In previous years, we have encountered delays in receiving mail from out of town or out of province (sometimes up to two weeks). Please allow sufficient time for your cheque to reach the Village Office as post-marks are not accepted. An automatic 10% penalty is levied against the current tax amount the date after the taxes are due.

Other Payment Options
We also accept payment in the Village Office by way of cheque, cash, Interac or Bank Draft. We DO NOT accept Visa or Mastercard.

Deferring Taxes

The British Columbia Property Tax Deferment Program is a loan program that allows you to defer your annual property taxes on your home if meet certain criteria.

In order to qualify, you must be:

A Canadian citizen or permanent resident;
A resident of BC for at least one year immediately prior to applying for deferment benefits;
55 years of age or older during that calendar year (only one spouse must be 55 or older);
A surviving spouse; or
A person with a disability as defined by regulation. For detailed information, visit the provincial website at www.sbr.gov.bc.ca/individual.html and click on “Persons with Disabilities” link.

The Financial Hardship Property Tax Deferment Program was in place for the 2009 and 2010 tax years; however, it is no longer available.

The Families with Children Property Tax Deferment Program

The Families with Children Property Tax Deferment Program is a loan program available to assist families. This program allows you to defer the annual property taxes on your home if you meet certain criteria as outlined below. Simple interest is charged on your tax deferment account and is based on the bank prime rate. The interest rate is set every six months. Interest begins from the date your property tax is due or the date you apply to defer, whichever is later.

QUALIFICATIONS:

To qualify for the program, you must meet the following criteria:

you are a Canadian citizen or permanent resident who has lived in British Columbia for at least one year immediately prior to applying for tax deferment;
You are financially supporting, at the same time of application, a dependent child who is under the age of 18 at any time in the calendar year in which you apply, and who
- Lives with you full time in your home;
- Lives with you at least part time under a shared custody arrangement, or
- Does not live with you, but you pay support for the child, or are responsible for fees and/or living costs if they are attending school;
You must have, and maintain, a minimum equity of 15% of the current BC Assessment value (other appraised values are not accepted), after deducting the upper limit of all outstanding mortgages, lines of credit and other charges on your home, and
You must have a current fire insurance policy on your home for an amount not less than the current BC Assessment value;

HOW TO APPLY:

Pick up a Families with Children Property Tax Deferment Program Application (FIN 28) at your municipal office, or through the website at www.sbr.gov.bc.ca/individuals/property_taxes/property_tax_deferment/forms.htm

There are other rules regarding when you must repay the deferred taxes, and qualifying homes – this information can also be found on the website.

For further information, applications and instructions on how to apply, you can visit the nearest Service BC Centre (Invermere) or the Village of Radium Hot Springs municipal office. You can also obtain information at the Tax Deferment Program website at www.sbr.gov.bc.ca/rpt or telephone Enquiry BC at 1 800 663-7867 (request a transfer to 387-0555).

Home Owners Grant

The Home Owner grant is a grant to assist residents of British Columbia in reducing their property taxes. There are two categories of grants – regular and additional.

To apply for the regular grant:

You must be a Canadian citizen or permanent resident and ordinarily reside in British Columbia;
You must be the registered owner of the home on which the grant is being claimed;
You must occupy the home as your principal residence.

To apply for the additional grant:

You must meet the requirements above and be 65 years of age or older.

What is the Northern and Rural Area Homeowner Benefit (NRAHOB)?

The NRAHOB is a benefit of up to $200 that is available for the 2011 and subsequent tax years. To be eligible for the benefit, you must meet the requirements for the basic and/or additional grant, and your home must be located in British Columbia but outside the Capital Regional District (CRD), the Greater Vancouver Regional District (GVRD) and the Fraser Valley Regional District (FVRD).

As soon as you receive your tax notice you can claim the grant, even if you aren’t paying your taxes at that time. If your taxes are being remitted by a financial institution you still must attend at the Village office and claim the grant. Please do so as soon as possible.

For more information regarding the Home Owner Grant program, contact the Village Office, or visit the Home Owner Grant Administration website – www.sbr.gov.bc.ca/individuals/Property_Taxes/Home_Owner_Grant/hog.htm