BC HOME OWNER GRANT LEVEL RAISED

Peter Austin

Reacting to B.C.’s rising property values, the provincial government has raised the threshold for homeowner grant eligibility to $1.285 million from $1.15 million in 2011.

The change means that owners of homes up to the new threshold may be eligible to receive a full homeowner’s grant this year.

The increase reflects new BC Assessment values, which have just been released. The province uses the values to adjust the threshold so that 95.5% of homeowners receive the full grant amount. People with homes valued above the threshold may still be eligible for a partial grant.

Reacting to B.C.’s rising property values, the provincial government has raised the threshold for homeowner grant eligibility to $1.285 million from $1.15 million in 2011.

The homeowner grant provides a maximum reduction in residential property taxes on principal residences of $570 in the Capital, Greater Vancouver and Fraser Valley regional districts and $770 elsewhere in the province.

The deadline for APPEALING assessments is Jan 31 2012 to the appropriate assessment office. If the deadline is missed then there is no appeal till next year.

Peter Austin
B.Sc., AACI, C.Arb/PA/af