BC Home Owner Grant threshold keeps pace with assessments

(April 01, 2012 )

To keep pace with rising property assessments, the BC government has raised the Home Owner Grant threshold to $1,285,000. The threshold is the maximum assessed value a property can reach to allow the property owner to claim the full Home Owner Grant.BC Assessment estimates the value of all BC homes on July 1 each year. The Ministry of Finance reviews this data and adjusts the Home Owner Grant threshold to ensure at least 95.5% of eligible home owners receive the full amount. Owners of homes valued above the threshold may qualify for a partial grant.The basic Home Owner Grant gives home owners:
  • a maximum reduction of $570 in property taxes on principal residences in the Capital, Greater Vancouver and Fraser Valley regional districts;
  • an additional grant of $770 to rural home owners elsewhere in the province; and
  • an additional grant of $275 to seniors aged 65+, those who are permanently disabled and war veterans of certain wars.
Basic grant for 2012 – the basic grant is reduced by $5 for each $1,000 of assessed value over $1,285,000, and is eliminated on homes assessed at $1,399,000 or more.Additional grant for 2012 – the additional grant is reduced by $5 for each $1,000 of assessed value over $1,285,000, and is eliminated on homes assessed at $1,454,000 or more.Canadian citizens and landed immigrants residing in their principle residence are eligible for the grant.In November 2011, the government announced plans to create a further grant of up to $275 for low-income Canadian Forces veterans with more recent service in the event they do not already qualify as seniors or persons with disabilities. Details will be announced soon.