Last week, in response to higher real estate assessments across the province, the B.C. government raised the homeowner grant threshold for residents.
In 2007, any home assessed at $950,000 or less by B.C. Assessment was eligible to receive the full grant amount. In 2008, after a 16 per cent increase in residential property values, the threshold has been bumped up to $1,050,000.
“2007 marked another active year for B.C.’s housing market and construction sector,” said finance minister Carole Taylor when announcing the grant increase. “While that speaks to the underlying strength of B.C.’s eco nomy, the sharp increase in property values can lead to higher costs for many homeowners.
“Increasing the threshold will ensure the homeowner grant remains as an important support to B.C. families. It will allow over 18,000 British Columbians, who would otherwise face a reduced benefit, to receive the full grant.”
The maximum grant allowed under the Home Owner Grant Program is $570 off their property tax bill. Seniors, qualified veterans, and disabled residents are entitled to another $275, for a total grant of $845.
Roughly 95 per cent of B.C. homeowners receive the grant each year.