BC Raises Property Tax Grant Threshold in Wake of Soaring Values
Following release of BC Assessment figures revealing skyrocketing home values, province moves to help with rising property taxes
With Vancouver home values up 17 per cent over the past year, and the benchmark price for a single-family home in Greater Vancouver now at $1,248,600, the BC government took steps January 5 to help out with rising property taxes.
The Home Owner Grant, which offers up to $570 a year to home owners who are the primary residents of their property, is now available to owners of homes worth up to $1.2 million. This is a rise of 9.1 per cent from the $1.1 million threshold last year.
For properties assessed above the threshold, home owners can still apply for the grant, but the amount is reduced by $5 for every $1,000 of assessed value over $1.2 million.
Finance Minister Mike de Jong said that under the 2016 assessments, more than 91 per cent of homes in BC are below the $1.2 million threshold and that, last year, the program gave back nearly $800 million to BC residents.
An additional grant up to $275 is available for homeowners who are aged 65 or over, who qualify under the persons with disabilities category, or who are eligible to receive certain war-veteran allowances. The northern and rural home owner benefit provides an additional $200 in property tax relief to households outside the Greater Vancouver, Fraser Valley and Capital Regional Districts.
Low-income homeowners who would have received the additional home owner grant except for the high value of their home can apply for a low-income grant supplement.
The announcement came as BC property assessments arrive in the mail this week, many of which, especially single-family homes in Greater Vancouver, reveal sharp rises in property values.
The highest valued home in BC is a 30,600-square-foot waterfront contemporary mansion in Kitsilano belonging to Lululemon co-founder Chip Wilson, valued at nearly $64 million.
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