THE CANADIAN PRESS/Graeme Roy

B.C. lowers limit to claim $570 home tax grant

A decline in housing prices has prompted the government to lower the threshold to qualify

The threshold is being lowered for B.C. homeowners who qualify for a grant to help offset property taxes.

The province says a decline in housing prices has prompted the threshold to be set at $1.525 million for 2020, down from $1.65 million in 2019.

The Finance Ministry says 92 per cent of homeowners will be eligible for the full $570 grant in 2020, the same as last year.

BC Assessment said Thursday there was an 11-per-cent annual decline in the typical value of single-family homes in Vancouver, with the average assessment standing at $1.57 million as of July 1, 2019.

Residents whose homes are over the $1.525 million threshold are still able to claim some of the grant, which is reduced by $5 for every $1,000 of assessed value above the threshold.

Those 65 and older living in northern and rural areas can claim as much as $1,045 off their annual tax bill.

Homeowners may also be eligible for property tax deferment if they are 55 years or older or are financially supporting a child.

The Canadian Press

Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Investigators still hoping to solve 2015 Brown homicide case

Tips being sought into Penelakut Island woman’s death five years ago

‘He has a home’, the tale of Ladysmith’s Turf Kitty

Chewy, also known as ‘Turf Kitty’, is a popular presence at Forrest Field

Downtown Ladysmith vehicle fire quickly extinguished

LFR Lieutenant Matt Rickett said that everyone involved responded exactly how they were supposed to

QUIZ: How much do you know about British Columbia?

On this B.C. Day long weekend, put your knowledge of our province to the test

B.C. would not send students back to school if there was ‘overwhelming risk’: Horgan

Plan has left many parents across the province worried about their children’s safety

Face masks will be mandatory for customers at all Walmart locations

Requirement goes into effect on Wednesday, Aug. 12 across Canada

Masks to be mandatory on BC Transit, TransLink starting Aug. 24

Both BC Transit and TransLink made the announcement in separate press releases on Thursday

Penticton homes evacuated due to wildfire northwest of city

Emergency vehicles are at the scene near Sage Mesa, evacuation centre set up in Penticton

British Columbians worried as end of COVID-19 rental supplement looms

Single mom struggles as supplement was her saving grace

B.C. fish harvesters receive long-awaited details on pandemic benefits

Applications to the $470-million federal assistance programs will open Aug. 24

Arson suspected in several wildfires lit near Kootenay town

RCMP making progress in arson investigation of Marsh Creek fires

Three screening officers at Vancouver airport test positive for COVID-19

The public is not believed to be at risk of exposure

VIDEO: B.C. conservation officers free not-so-wily coyote with head stuck in jar

Poor pup was found with a glass jar stuck on its head in Maple Ridge

Most Read