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Property that has become tax-defaulted after five years (or three years in the case of property that is also subject to a nuisance abatement lien) becomes subject to the county tax collectors power to sell in order to satisfy the defaulted property taxes.
Property tax If taxes remain unpaid at the end of three years, the property is publicly auctioned at a tax sale to recover the taxes owing. Any 2023 balance that remains unpaid after this date becomes in tax arrears and accrues 11.2% interest, effective January 1, 2024.
If the balance continues to be unpaid at the end of the following calendar year, your account will be considered delinquent. Accounts in arrears or delinquent are subject to daily interest charges. There is also a risk that your property will be sold at auction to recover taxes owing.
First 5% penalty is applied midnight after the property tax due date in July. Second 5% penalty is applied after midnight on the first business day of September. No other charges / interest is applied for current taxes. After December 31 current taxes become arrears.
Property taxes in British Columbia are adjusted annually from January 1st December 31st. Therefore, even though property taxes are paid in July, they are based on the calendar year.
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Property tax deferment is a provincial low-interest loan program that helps qualified homeowners pay their annual property taxes on their principal residence. Taxes can be deferred for any year the homeowner lives in the home and continues to qualify for the program.

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