VICTORIA, B.C.- The provincial government has raised the 2018 homeowner grant threshold to $1.65 million, up 33 per cent from $1.2 million.
Eligible homeowners have to apply for the homeowner grant each year. The grant helps reduce the amount of property tax you pay for your principal residence.
In order to be eligible, the home has to be used as the owner’s main residence. The grant gets automatically calculated on a homeowner’s property tax notice.
Amounts come out to $570 for a basic homeowner grant (for properties assessed under $1.65 million), $770 if the residence is in a rural or northern area, up to $845 for owners who are 65 or older, or if the homeowner has a disability.
If the homeowner is 65 or older, or has a disability and their home is in a northern or rural area, the grant is up to $1,045.
The government said that some low-income owners, like seniors or people with disabilities, can apply to supplement their grant if it has been reduced or eliminated because of the high assessed value of their principal residence.
Homeowners can also be eligible for property tax deferment if they are 55 years or older, or are financially supporting a dependent child.
According to a provincial release, homeowner grants will return an estimated $825 million to British Columbians this year.
The province said it reimburses municipalities for the full cost of the homeowner grant to make sure municipal revenues are not affected.