VICTORIA – More than one million home owners in British Columbia may
be eligible to receive the entire Home Owner Grant again this year as
the Province is increasing the threshold for the Home Owners Grant by
$10,000 to $1.295 million to keep pace with rising property value
assessments, Finance Minister Michael de Jong announced this week.
But ironically, the heated BC property market is actually seeing prices heading downwards as evidenced by the decrease in property assessments.
BC Assessment estimates the value of all homes based on their market
value on July 1 each year. Government then adjusts the threshold of
the Home Owner Grant to make sure at least 95.5 per cent of eligible
homeowners receive the full amount. Those with homes valued above the
threshold may still be eligible for a partial grant.
The Home Owner Grant provides a maximum reduction in residential
property taxes on principal residences of $570 in the Capital,
Greater Vancouver and Fraser Valley regional districts. The Northern
and Rural Area Homeowner Benefit, one of the measures that keeps the
carbon tax revenue neutral, increases the Home Owner Grant by $200
for home owners living outside of those areas to provide additional
property tax relief for northern and rural British Columbians.
An additional grant of $275 is available to those who are aged 65 or
over, permanently disabled or a veteran of certain wars. In Budget
2012, the B.C. government expanded the program to include low-income
Canadian Forces veterans in the event they do not already qualify as
seniors or persons with disabilities.
The Province also provides property tax deferral options for qualified individuals,
including home owners over 55, persons with disabilities, and
families with children.
The deferment programs are low-interest loan programs that allow
qualifying residents to defer all or part of their property taxes
until they sell or transfer ownership of their home, or it becomes
part of an estate. Application forms are available when property tax
notices are issued in spring.
