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"ALBERTA SENIOR PROPERTY TAX DEFERRAL" PROGRAM

WHATThe Alberta Seniors Property Tax Deferral Program allows eligible Alberta senior homeowners to defer all or part of their property taxes through a low-interest home equity loan. The senior housing assistance type program frees up cash for seniors, which then may be allocated to other necessary expenses.
WHYTo help Albertan seniors with what can be a large burden of home expenses (property tax.) Deferring senior property tax provides tax relief to seniors, which may ultimately allow seniors to stay in their own homes longer.
WHEREGovernment of Alberta.
Alberta, Canada.


Program Description


"As a senior, you know the value of being at home. You also know that owning a home can be expensive. The Seniors Property Tax Deferral program allows you to defer all or part of your property taxes through a low-interest home equity loan with the Alberta government."

-health.alberta.ca

Once a senior is accepted into the “Alberta Senior Property Tax Deferral” Program the Alberta government will pay residential property taxes directly to the city on the senior’s behalf.

The “Alberta Senior Property Tax Deferral” Program charges simple interest (ie interest is due only on the original amount of the loan.) Seniors re-pay the loan with interest when they sell the home or sooner. The program helps free up disposable income for other necessary expenses which seniors have such as needed home modifications, home repairs, medications, etc.

The “Alberta Senior Property Tax Deferral” Program is voluntary. Seniors also may want to speak to a financial advisor first before enrolling in the senior property tax program.

To qualify for the “Alberta Senior Property Tax Deferral” Program seniors must:

    Be 65 years or older
    Be an Alberta resident
    Own a residential property in Alberta
    Have a minimum of 25% equity in their primary residence


To view full eligibility requirements for the Senior Property Tax Program visit the Alberta Health website.
source: health.alberta.ca

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