Reacting to B.C.’s rising property values, the provincial government has raised the threshold for homeowner grant eligibility to $1.285 million from $1.15 million in 2011.
The change means that owners of homes up to the new threshold may be eligible to receive a full homeowner’s grant this year.
The increase reflects new BC Assessment values, which have just been released. The province uses the values to adjust the threshold so that 95.5% of homeowners receive the full grant amount. People with homes valued above the threshold may still be eligible for a partial grant.
“We continue to see challenging economic times around the world,” Finance Minister Kevin Falcon said in a press release. “By maintaining the homeowner grant, we continue to help families with the costs of owning their homes.”
The homeowner grant provides a maximum reduction in residential property taxes on principal residences of $570 in the Capital, Greater Vancouver and Fraser Valley regional districts and $770 elsewhere in the province.
Jenny Wagler
@JennyWagler_BIV