04/22/2013 12:46 EDT | Updated 06/22/2013 05:12 EDT

Property Tax deferral for Alberta seniors set to go for this tax year

SHERWOOD PARK, Alta. - Alberta's seniors minister says a property tax deferral for homeowners 65 or older is now available.

George VanderBurg says he expects the program will free up $50 million over the next three years for more than 23,500 seniors households.

Seniors with at least 25 per cent equity in their homes can defer all or part of their residential property taxes through a low-interest home equity loan with the province.

VanderBurg says interest on the loan will be at prime and there are no fees to apply or hoops for applicants to jump through.

The program is aimed at keeping more seniors in their homes for longer periods of time.

A loan is to be repaid when a home is sold, or sooner if the owner wishes to pay.