Property Tax and the Home Owners Grant

A recent news release from the Government of BC is good news for BC homeowners. BC Assessment estimates the value of most properties (homes) as of July 1 each year, based on market value. The Province of BC then reviews B.C. Assessment’s property value information and adjusts the grant threshold so that at least 95.5 per cent of homeowners are eligible for the full grant. People with homes valued above the threshold may be eligible for a partial grant. More than one million B.C. homeowners with homes valued up to $1.15 million may be eligible for the full homeowner grant amount as the Province raises the threshold by 10 per cent for the 2011 tax year.

For those people living in the City of Vancouver, there is an added benefit. Due to land averaging, the City of Vancouver advised that the grant is based on the “taxable value”, which is the average of the last 3 years land value plus the building value. Hence when land values go up, as they have for 2011, the Taxable value is less than the assessed value and in effect the threshold is raised further.

For the full news release, click here: