British Columbia’s provincial government announced that it is now accepting applications from homeowners crippled by the recession and seeking relief from their property taxes.

The Financial Hardship Property Tax Deferment Program, which was announced this past November, allows eligible homeowners who are facing financial hardship due to current economic conditions to defer their 2009 and 2010 property taxes.

Eligible homeowners with at least 15% equity in their home, and who are experiencing financial hardship, will not have to repay the deferred taxes until they sell or transfer their home, other than to a surviving spouse; however, they may pay the province back earlier if they choose.

The province will charge simple interest at the prime rate on the balance outstanding on the tax deferment loan.

“We are fully aware of the difficulties some homeowners are experiencing right now and this program gives new options to homeowners who are facing financial hardship,” said the province’s finance minister Colin
Hansen.