B.C. Homeowner Grant Limit Increased

Shocked by the increase in your property tax assessment this year? Many properties now have assessed values greater tan their market value. British Columbia Finance Minister Carole Taylor has announced that for the fourth consecutive year the province has improved the Home Owner Grant. Homeowners with an assessed value of up to $950,000 can now receive the full homeowner's grant. This up from last years maximum of $780,000. The B.C Homewoners Grant program reduces the burden of property taxes , for owner-occupiers, to a maximum of $570 a year, with an additional grant of $275 if the owner is over 65, disabled or eligible for certain veteran's allowances.

Under the new thresholds the grant phase-out level under the Basic Grant goes from $894,000 to $1,064,000 and for those with the Additional Home Owner Grant the threshold moves up from $949,000 to $1,119,000. The grant is reduced by $5 for each $1000 of assessed value over $950,000.

BC Property taxation Branch