Homeowner Grant Threshold Increased

Homeowner Grant Threshold Increased

BC Government has announced that they will be increasing the homeowner grant

In light of this year’s assessment increases, the BC Government has announced that they will be increasing the homeowner grant threshold level from $1.2 million to $1.6 million.

BC Government increasing homeowner grant threshold from $1.2 million to... #HomeownerGrant Click To Tweet

This increase was brought about due to the concern that for the first time in Metro Vancouver’s history, more homeowners would NOT qualify for the Homeowners’ Grant this year, compared to those who would qualify. With this increase, 91% of homes will remain below the threshold, and if eligible, their owners will receive the full grant amount. In Metro Vancouver, 83% of homes will now be below the threshold.

Schreder Brothers Langley Real Estate - Realtor - Homeowner Grant

For properties assessed above this threshold, the homeowner grant is reduced $5 for every $1,000 of assessed value in excess of the threshold.

Additional information about the increase, the type of homeowner grants, and property tax deferment can be found at the BC Government News website.

 

Information References

BC Government Home Owner Grant  http://www2.gov.bc.ca/gov/content/taxes/property-taxes/annual-property-tax/reduce/home-owner-grant/under-65

BC Government Property Tax Deferment http://www2.gov.bc.ca/gov/content/taxes/property-taxes/annual-property-tax/pay/defer-taxes

Schreder Brothers

The Schreder Brothers 

The Schreder Brothers provide a value-added approach ensuring their client’s real estate venture is handled in the most profitable manner by involving team players with a wealth of knowledge spanning across many areas of real estate.

Related Post

Leave a Reply