Home owner grant cutoff raised

Grant to shield some owners from a higher property tax bill.

  • Jan. 18, 2016 8:00 a.m.

Jeff NagelBlack Press

The B.C. government has raised the threshold to qualify for the full home owner grant to shield some owners from a higher property tax bill.

The jump in assessed values this year would have left owner-occupied homes that have climbed above $1.1 million – the old threshold – with less than the basic $570 home owner grant offsetting taxes.

The revised threshold is $1.2 million and homes above that lose $5 of the grant for every $1,000 in additional value.

That means the grant now disappears altogether for homes worth more than $1.314 million.

The province reduced the threshold in 2014 from a previous $1.295 million in order to skim $11 million from home owner grants to general revenue and it was kept frozen at $1.1 million last year.

 

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