BC Home Owner Grant threshold keeps pace with assessments
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.
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