Understanding Your Annual Property Taxes in BC

As a homeowner in British Columbia, you’ll receive your annual property tax notice from your municipality each spring. But whether you pay those taxes yourself or your lender does it for you depends on how your mortgage was set up.

Let’s walk through what you need to know—especially as we approach the July 1st deadline.

🏡 Who Pays the Property Taxes: You or Your Lender?

When you signed your mortgage documents, your lawyer would have explained whether your lender collects property tax payments or if you’re responsible for paying them directly.

• If you pay them yourself:
• • You’ll receive a bill from your municipality.
• • You are responsible for paying it in full by the due date (typically July 1st).
• • Don’t forget to claim the Home Owner Grant (more on that below).
• If your lender pays them:
• • Your lender has likely been collecting monthly installments for property taxes.
• • These accumulate and your lender will pay your taxes directly to the municipality around July 1st.
• • You still need to claim the Home Owner Grant yourself.

📲 Always Check Your Lender’s Online Portal

Most lenders offer an online portal where you can:
• View how much has been collected for property taxes.
• See when the payment was made (usually after July 1st).
• Check your updated property tax installment amount, typically recalculated in August for the next 12 months.

📅 What If You Bought Your Property Mid-Year?

If you purchased your home in the first half of the year, your lawyer would have clarified who is responsible for that year’s taxes:
• Typically, if you bought after April 1st, the lender may not collect taxes for that year.
• In that case, you will likely be responsible for paying them directly.
• Check your Statement of Adjustments or your lender’s portal for clarity.

💰 Home Owner Grant (HOG)

If your property is your principal residence, you may qualify for the BC Home Owner Grant, which helps reduce the amount of property tax you need to pay.

• How to Apply:
• • Apply online through the provincial government: https://www2.gov.bc.ca/homeownergrant
• When to Apply:
• • Apply before the July 1st property tax deadline.
  • If your taxes are not paid or your HOG is not claimed by July 1st, your municipality will immediately charge a penalty—usually 5%.

📝 Final Tips

• Always check your lender’s online portal for the most accurate information.

• Don’t forget to claim your Home Owner Grant.

• If in doubt, refer to your mortgage documents or ask your lawyer.

• Our team is always here to help!

We’ll treat YOU like Royalty. 👑
— The Tracey Robinson Mortgage Team

Call 236-700-0139 or book your free consultation today.