Assessment values decline in most areas, but home owner grant threshold to rise

More than one million home owners in British Columbia may be eligible to receive the entire Home Owner Grant again this year

More than one million home owners in British Columbia may  be eligible to receive the entire Home Owner Grant again this year as  the province is increasing the threshold for the Home Owners Grant by  $10,000 to $1.295 million to keep pace with rising property value assessments, Finance Minister Michael de Jong announced today.

BC Assessment estimates the value of all homes based on their market value on July 1 each year. Government then adjusts the threshold of   the Home Owner Grant to make sure at least 95.5 per cent of eligible  homeowners receive the full amount. Those with homes valued above the  threshold may still be eligible for a partial grant.

The Home Owner Grant provides a maximum reduction in residential  property taxes on principal residences of $570 in the Capital,  Greater Vancouver and Fraser Valley regional districts. The Northern  and Rural Area Homeowner Benefit, one of the measures that keeps the  carbon tax revenue neutral, increases the Home Owner Grant by $200  for home owners living outside of those areas to provide additional  property tax relief for northern and rural British Columbians.

 

An additional grant of $275 is available to those who are aged 65 or  over, permanently disabled or a veteran of certain wars. In Budget  2012, the B.C. government expanded the program to include low-income  Canadian Forces veterans in the event they do not already qualify as  seniors or persons with disabilities.