Property tax due date is looming, and the City of Cranbrook is reminding residents that the deadline is coming up on July 2nd.
Tax notices were sent out in the first week of June, but the city encourages the public to contact city hall if anyone didn’t receive a document. The July 2nd due date includes taxes for properties classified as residential, utility and farm (Class 1, Class 2 and Class 9, respectively), while a 10 per cent penalty will be levied afterwards for unpaid taxes.
Homeowner grants may be claimed even if taxes are not paid in full, and penalties apply to homeowner grants not claimed by July 2nd, according to the city.
Additionally, taxes for properties classified as light industry, business and seasonal (Class 5, Class 6 and Class 8, respectively), are also due on July 2nd, however, the 10 per cent penalty for late payment has been extended until Sept. 30th.
Assessment class can be found on the top right-hand side of the tax notice.
Property taxes are a key revenue source for municipalities, which are navigating the financial impacts, among others, of the COVID-19 pandemic.
According to an administration update during a city council meeting on June 8, approximately 9,657 tax notices have been mailed out. The total value of the tax notices, including municipal, RDEK, water frontage, school tax, regional hospital, and more, add up to $39.1 million.
Cash flow is one of the most important considerations in the operation of a municipal corporation. In light of COVID-19, the city has actually collected slightly more cash in paid property taxes as of May 29, 2020, than at the same time last year, according the city.
Total taxes paid is slightly up, and factoring in homeowner grants, the city has collected $475, 113 more in cash by May 29, 2020 than at the same time last year.
The city accepts several property tax payment options.
Non-cash payments are preferred if it’s being made in-person at City Hall. Post-dated cheques, debit card, and credit card payments are all accepted. A 2.4 per cent convenience fee applies to all credit card payments and cheques are payable to “City of Cranbrook”.
Payment may also be made by telephone/online banking and through most financial institutions. Homeowner Grant applications must be made at City Hall or online via the city’s website.
Pre-payment plans for 2021 property taxes are also available. If anyone is interested in enrolling in the monthly pre-authorized payment plan, contact the city’s finance department at 250-489-0233 to obtain an application form.
There are also tax deferment programs available for homeowners to have the Province pay their property taxes on their principal residence through their low interest loan program. For more information about this program, visit https://www.gov.bc.ca/propertytaxdeferment or call 1-888-355-2700.
Do not forget to claim the 2020 homeowner grant — applications can be filed online on the city website. The eHOG password to access the form is found on the top left-hand of your tax notice underneath the address portion.