The BC Government announced on Wednesday, January 3 that it is raising the homeowner grant threshold to $1.65 million to ensure that 91 per cent of homes in BC (the same per cent as last year) are eligible for the grant. Last year, the threshold was $1.6 million. The grant was designed to offer assistance to homeowners facing sharp increases in their property assessments.
The homeowner grant amounts are:
- $570 for the basic homeowner grant
- $770 if the home is located in a northern or rural area
- up to $845 for homeowners who are 65 years or older, or the homeowner is a person with a disability
- up to $1,045 for homeowners who are 65 years or older, or the homeowner is a person with a disability if the home is in a northern or rural area
Some low-income owners, such as seniors or people with disabilities, can apply to supplement their homeowner grant if it has been reduced or eliminated because of the high assessed value of their principal residence. Homeowners may also be eligible for property tax deferment if they are 55 years or older, or are financially supporting a dependent child.
More information:
- Government news release with links to more program details