Re: Changes to Home Owner Grant Act Thresholds

In case you missed the news from the recent Provincial Budget, the threshold for the phase-out of the home owner grant is increased to $585,000.00 from $525,000.00 for the 2004 tax year.

A partial grant will apply to properties valued between $585,000.00 and $632,000.00.

For seniors and other homeowners receiving the additional grant, a partial grant will be available for properties valued up to $659,500.00.

This change comes about as a result of the sharp rise in assessed values over the past year. The increase will, on average, offset the rise in assessed values.

If you have any questions on the above, please contact the writer directly.