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The Home Owner Grant threshold rises with
property values


To keep pace with rising property assessments, the BC government has raised the Home Owner Grant threshold
by $10,000 to $1,295,000. The threshold is the maximum assessed value an owner’s property can reach, which
still allows them to claim the full Home Owner Grant.

 

 


Quick Facts:

• The Home Owner Grant program began in 1957.

 

• The grant is not provided automatically. Home owners must apply every year.


How is the threshold established?


BC Assessment estimates the value of all BC homes on July 1 each year. The Ministry of Finance reviews this data
and adjusts the Home Owner Grant threshold to ensure at least 95.5 per cent of eligible homeowners receive the
full amount.

 

This move ensures more than one million home owners in BC may be eligible to receive the full grant. Owners of
homes valued above the threshold may qualify for a partial grant.

 

The basic Home Owner Grant gives home owners:


  • a maximum reduction of $570 in property taxes on principal residences in the Capital, Greater Vancouver
    and Fraser Valley regional districts;
     
  • an additional grant of $275 to seniors aged 65+, those who are permanently disabled and war veterans of
    certain wars, or low-income Canadian Forces veterans who don’t already qualify as seniors or persons with
    disabilities; and
     
  • a Northern and Rural Area Homeowner Benefit which increases the Home Owner Grant by $200 to provide
    additional property tax relief for northern and rural British Columbians.


Basic grant: for 2013, the basic grant is reduced by $5 for each $1,000 of assessed value over $1,295,000, and is
eliminated on homes assessed at $1,409,000 or more.

 

Additional grant: for 2013, the additional grant is reduced by $5 for each $1,000 of assessed value over $1,295,000,
and is eliminated on homes assessed at $1,464,000 or more.

 

Home Owner Grant Thresholds


 

“The Home Owner Grant helps keep
property taxes affordable for families,
even as property value assessments
rise. By ensuring the Home Owner
Grant threshold keeps pace with
assessments, we’re helping families
with the costs of owning their homes
and ensuring at least 95.5 per cent
of B.C. home owners are eligible for
the full grant.”

– Minister of Finance Michael de Jong

 

Canadian citizens and landed immigrants residing in their principle residence are eligible for the grant.
The BC Government also provides property tax deferral programs for qualifying property owners including those age 55+,
persons with disabilities, and families with children.

 

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.


Home owners planning to participate in a tax deferment program should seek appropriate financial advice. For information
on BC property tax deferment programs, visit:

 

For information, visit: www.sbr.gov.bc.ca/hog


 

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