St. Catharines Seniors Able to Delay Taxes

Friday, 20 September 2024 17:57

By Geoff Waterfield

The city starting the Older Homeowner Tax Increase Deferral Program, applicable to city property taxes, not regional portion

City of St. Catharines offering seniors a program to delay paying the city portion, not regional, of property tax increase.

Budget Chair Carlos Garcia says the Older Homeowner Tax Increase Deferral Program enables those 65 and older to defer payment until the home is sold, or they opt out themselves.

He adds it's subject to 5% interest rate, well below the standard 15%. "They may have bought the property many years back for under $100,000, or that amount, but now it's worth $800,000. But, their income, if they're retired, is not necessarily growing as much, if at all."

He says considering the length of time someone does this, it's not a substantial amount.

He acknowledges someone still has to pay. "It applies to people 65 and older, and the likelihood is that it won't be 50 years. There is a balance there that would be built up that you who inherits it would have to pay up at some time."

Eligibility: Homeowners must be 65 years of age or older and meet income requirements. The property must be their principal residence, and the property tax account must be up to date prior to enrolment.
Deferred Amount: Any increase in the City portion of property taxes over the enrolment year can be deferred.
Interest Rate: A reduced interest rate of five per cent per year will apply to deferred taxes, compared to the usual 15 per cent.
Lien on Property: Deferred amounts represent a priority lien on the property whether actively registered against the title or not, and the deferral will continue until the property is sold, transferred, or the homeowner chooses to withdraw from the program.
Application Fee: A $50 fee will apply upon submission of an application.

St. Catharines Seniors Able to Delay Taxes

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