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.[bctt tweet=”BC Government increasing homeowner grant threshold from $1.2 million to… #HomeownerGrant” username=”jwsrealestate”]
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.
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.
|BC Government Home Owner Grant – https://www2.gov.bc.ca/gov/content/taxes/property-taxes/annual-property-tax/reduce/home-owner-grant/under-65
BC Government Property Tax Deferment – https://www2.gov.bc.ca/gov/content/taxes/property-taxes/annual-property-tax/pay/defer-taxes