The Seniors Property Tax Deferral program started in 2013 and will allow eligible senior homeowners to defer all or part of their property taxes through a low interest home equity loan with the Government of Alberta.
With this voluntary program, the Government of Alberta will pay the property taxes to the municipality on behalf of the senior, and the senior will repay the loan, with interest, when they sell their home or sooner if they choose.
The program will help support senior homeowners:
- To remain in their homes as independent/active/contributing members of their communities
- Help keep up to the rising cost of property taxes
- Use the equity in their homes, as they are typically on a fixed income
- Provide financial support for the entire property tax bill-municipal as well as the provincial education portions.
Senior homeowners wishing to take part in the program will need to complete an application form. Application forms will be available online ( http://www.seniors.alberta.ca/seniors/property-tax-deferral.html ) and through government offices throughout the province. The City of Medicine Hat will also have the application. Information guides will accompany applications to explain program rules and loan information.