Moderate home prices reflective in lower grant threshold
Steve Randall
Canadian Real Estate Wealth
Most homeowners in British Columbia will remain eligible for the B.C Home Owner Grant according to the provincial government.
The 2020 threshold for the grant has been set at $1.525 million, meaning that 92% of homeowners will remain eligible for the basic grant despite the reduction from $1.65 million in 2019.
The lower threshold reflects moderating home prices in British Columbia and reduces the amount of property tax payable to a municipality, or to the province for rural homeowners.
The homeowner grant amounts are:
- up to $570 for the basic homeowner grant.
- up to $770 if the home is located in a northern or rural area. A “northern or rural area” means outside the Metro Vancouver, Fraser Valley and Capital Regional districts.
- up to $845 for homeowners who are 65 years or older, or if the homeowner is a person with a disability or lives with a relative who has a disability.
- up to $1,045 for homes in northern or rural areas where the homeowner is 65 years or older, or the homeowner is a person with a disability.
The grant is reduced by $5 for every $1000 above the threshold that a home is assessed to be worth, although some low income earners may be able to claim a supplement to replace the amount lost.
Homeowners may also be eligible for property tax deferment if they are 55 years or older or are financially supporting a dependent child.
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