Changes to B.C.’s Home Owner Grant, which reduces the amount of property taxes payable on principal residences throughout the province, have been introduced in response to rising property assessment values.
The threshold for home values eligible for the Home Owner Grant has been raised to $1.6 million, a 33% increase from the previous level of $1.2 million.
Approximately 83% of homes in Metro Vancouver are said to fall under this new threshold and may be eligible for the Home Owner Grant.
To qualify for the Home Owner Grant, you must also meet the following requirements:
- you must be the registered owner of the property;
- you must be a citizen or permanent resident of Canada;
- you must reside in B.C.; and
- the property must be your principal residence.
Under 65 – Basic Grant
Home owners under the age of 65, with a principal residence valued at $1.6 million or less, may be eligible for a reduction to their property taxes of up to $570 or, up to $770 for homes located in northern and rural areas.
A partial grant may be available to those who meet the above requirements with homes valued between $1,600,000 to $1,714,000 (or up to $1,754,000 in northern and rural areas).
Seniors – Additional Grant
Seniors may be eligible for an increased grant of up to $845 or, up to $1,045 for homes located in northern and rural areas.
A partial grant may also be available for seniors whose principal residences are valued between $1,600,000 to $1,769,000 (or up to $1,809,000 in northern and rural areas).
How to Apply
The Home Owner Grant must be claimed for each year in which you qualify.
Submission requirements may vary depending on where your property is located and whether a municipal or provincial office is responsible for sending you the property tax notice.
You’ll receive further information on how to claim the grant, along with an application form, when you receive your annual property tax notice.
For more information on the Home Owner Grant or if you have any questions relating to real estate law in British Columbia, please feel free to get in touch with Sid Koshul at 604-629-5403 or via email at email@example.com.
Content provided herein is for informational purposes only and should not be relied upon as legal advice.