Jan. 11, 2008
VICTORIA – For the fifth consecutive year, the Province will increase the homeowner grant threshold in response to rising property values across British Columbia, Finance Minister Carole Taylor announced today.
“2007 marked another active year for B.C.’s housing market and construction sector,” said Taylor. “While that speaks to the underlying strength of B.C.’s economy, the sharp increase in property values can lead to higher costs for many homeowners. Increasing the threshold will ensure the homeowner grant remains as an important support to B.C. families. It will allow over 18,000 British Columbians, who would otherwise face a reduced benefit, to receive the full grant.”
The new threshold at which homeowners may be eligible to receive the full grant will be $1,050,000 in assessed property value, up from $950,000. Residential property values in British Columbia, including new construction, have increased by 16 per cent over the past year.
Consistent with adjustments made over the previous four years, the new threshold ensures more than 95 per cent of B.C. homeowners receive the full grant.
The Home Owner Grant Program reduces the burden of residential property taxes for eligible homeowners. The basic grant entitles a homeowner to a maximum reduction in residential property taxes of $570. An additional grant of $275 – for a total of $845 – is available if the owner is over 65, or permanently disabled, or eligible to receive certain war-veteran allowances.
In Budget 2007, the additional grant was extended to low-income homeowners who also meet the above eligibility criteria, regardless of the assessed value of their home. In Budget 2006, the basic grant was increased from $470 to $570.
More information on the Home Owner Grant Program is available online at: www.sbr.gov.bc.ca/individuals/Property_Taxes/Home_Owner_Grant/hog.htm
Province to Raise Homeowner Grant Threshold |
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