Vancouver
Real Estate News

Are you eligible for a reduction in property taxes? The BC Government makes homeowner grants available up to $745. Read on to learn more about BC Homeowner Grants.

Homeowners who have watched their property assessments soar can look forward to a new threshold on homeowner grants.

The province is introducing amendments in February to raise the full homeowner grant threshold to $780,000 in assessed property value, up from the current $685,000.

The Ministry of Finance estimates about 27,000 people across B.C. could benefit from the threshold increase. Of those, the vast majority — 23,500 — are in the Lower Mainland or Fraser Valley.

Under the new threshold, more than 95 per cent of B.C. homeowners will be eligible for the full homeowner grant.

The basic grant gives a homeowner a reduction of up to $470 in property taxes. An additional grant of $275 is available for those 65 and over, or who are disabled, or eligible for certain war-veteran allowances.

The change responds to yet another rise in property assessments in B.C.
Province-wide, assessments have gone up 16 per cent.

This is the third year in a row that the government has raised the threshold, starting with moving it from $525,000 to $585,000 in 2004.

B.C.’s Finance Minister Carole Taylor said: “With the homeowners grant, we really try particularly to get to those families that are perhaps under a bit of stress meeting the housing prices and needs of their families.

“It really is difficult for a lot of seniors and families who want to stay in their homes, but find that with these increased prices and increase taxes it’s really a chore to do that. So the homeowners grant is intended to help people stay in their homes.”

TAX REDUCTION

The basic homeowner grant is meant to reduce the burden of residential property taxes on homeowners who occupy eligible residences, particularly people with lower valued homes who are often most in need. Current rules:

• $470: Maximum tax reduction
• $275: Further grant up to a maximum of $275 available for seniors, the disabled and some veterans.
• $5: Ceiling: The grant is reduced on higher valued properties by $5 for each $1,000 of assessed value over $685,000.
• $0: Elimination: The grant is eliminated altogether on assessed values of $779,000 and up.

Source: Ministry of Provincial Revenue; Source for Article: The Vancouver Sun