City council unanimously approved the Older Homeowner Tax Increase Deferral program
Seniors living in St. Catharines will have an option to make paying property tax increases a little easier.
Council unanimously voted for the Older Homeowner Tax Increase Deferral program, enabling homeowners to defer paying tax increases until the home is sold.
Mayor Mat Siscoe has been working on this for some time. "Give seniors the ability to lock in their taxes, and have that as a predictable, every year expense where they didn't have to try and budget for increases they wouldn't be able to predict... but it's a tool in the toolbox."
The homeowner will still pay the base property tax, just defer paying the yearly increase.
The Mayor adds this was part of his election campaign, and is another tool to keep home ownership affordable. He also says he'll continue to advocate for a complimentary program at the Regional level.
Director of Financial Management Kristine Douglas explains why it's only for seniors.
"The deferral of taxes does create a lien... individuals who are below the age of 65 would still likely have a mortgage on their home, and not be able to defer the taxes with their mortgage agreement," she says.
The city aims to have the program ready for the 2024 tax season. It also says it must maintain services and infrastructure while keeping life affordable.
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