Home Owner Grant threshold rises with property values for year 2013.
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.
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.