Home Owner Grant Threshold Raised
More than one million home owners in British Columbia may be eligible to receive the entire Home Owner Grant again this year, as the provincial government is increasing the threshold for the grant by $10,000 to $1.295 million. The move is to keep pace with rising property value assessments, Finance Minister Michael de Jong announced today.
A provincial program that offers tax reduction by up to $570 (with an additional $200 in Northern and rural areas of B.C.), the grant is one of the ways the provincial government helps keep property tax rates affordable for B.C. families, according to a government press release.
An additional grant of $275 is available to those who are aged 65 or over, permanently disabled or a veteran of certain wars.
"By ensuring the Home Owner Grant threshold keeps pace with assessments, we're helping families with the costs of owning their homes and ensuring at least 95.5 per cent of B.C. home owners are eligible for the full grant," de Jong said.
Click here for the full release.