Is there a Payment Plan available for Property Taxes?
• The City of Kelowna does have a Property Tax Prepayment plan. This plan enables taxpayers to prepay their next year’s property taxes. Current year’s taxes must be paid before the City can accept prepayments on the next year’s taxes. • The plan pays simple interest at a rate of 3% below the City’s Bank prime rate. This interest is considered a tax discount by Canada Revenue Agency and is not subject to income tax. • The plan calls for deductions from your bank account, on the 10th of the month, for every month except June. June is used as a catch-up month where the taxpayer applies for the Provincial Home Owner Grant (where eligible) and pays the remaining tax amount still outstanding. • The minimum monthly instalment is $25.00. The maximum is dependent on the prior year’s levy for that property. • Tax prepayments are prepaid to the tax account of the property and will not be reversed if you move or sell your home. Your attorney will adjust your sales costs to account for any prepayme
• The City of Kelowna does have a Property Tax Prepayment plan. This plan enables taxpayers to prepay their next year’s property taxes. Current year’s taxes must be paid before the City can accept prepayments on the next year’s taxes. • The plan pays simple interest at a rate of 3% below the City’s Bank prime rate. This interest is considered a tax discount by Canada Revenue Agency and is not subject to income tax. • The plan calls for deductions from your bank account, on the 10th of the month, for every month except June. June is used as a catch-up month where the taxpayer applies for the Provincial Home Owner Grant (where eligible) and pays the remaining tax amount still outstanding. • The minimum monthly instalment is $25.00. The maximum is dependent on the prior year’s levy for that property. • Tax prepayments are prepaid to the tax account of the property and will not be reversed if you move or sell your home. Your attorney will adjust your sales costs to account for any prepayme
