As many as 400,000 B.C. families could be eligible for a tax holiday under a new program from the provincial government -- but experts warn taking a tax break today could come back and bite you in the future.

Families with children under 18 years-old will soon be able to defer paying their property taxes until they sell their homes in the future. The new Family and Children Property Tax Deferral Option, announced during the B.C. throne speech Tuesday, is designed to reduce housing costs for young families and increase available homes.

"This will provide B.C. families with another option in terms of how they meet their household demands," Finance Minister Colin Hansen told CTV News in Victoria Wednesday.

No specifics were provided. A similar program aimed at seniors and low-income British Columbians stipulates you must have and maintain a minimum equity of 25 per cent of the value of your home to qualify.

But while deferring taxes might sound like a good way to get ahead now, financial planner Robin Muir says the decision may hurt you down the road.

"You just gotta be careful," he said.

"I think the lion's share of the people will see this as a tax holiday only to wake up one day to find they've got a whole lot of liability - or debt - against their principal residence."

Young couple Jennifer Riley and Michael Smith differ on what they think about the new incentive.

"I think it sounds like a good idea," Riley said.

But Smith isn't a fan, especially since homeowners will be charged interest on all the deferred tax money.

"I wouldn't be interested," he said.

"It just seems to me like a worry later. I'd rather deal with them as they come rather than defer it off and wait for a later date."

The tax plan won't be in place until next year and a number of questions remain.

Grandmother Norma Truswell says no matter how attractive the plan seems, there's no way to escape paying taxes.

"You pay now or you pay later," she said.

"You're going to pay the tax one way or the other."

Smith agrees.

"It could come back to bite you in the butt so I'd just pay your bill."

With a report from CTV British Columbia's Jim Beatty