The limit on property value for applying for a B.C. homeowner grant has been lowered.
The B.C. government says 92 per cent of homeowners in the province are eligible for the B.C. Home Owner Grant this year.
Property values must fall under the threshold for a homeowner to be eligible for the full amount of the grant. This year’s threshold is set at $1.525 million, down from $1.65 million last year.
The grant is reduced by $5 for every $1,000 of assessed value above the threshold, meaning eligible homeowners with properties assessed above the threshold receive a partial grant until it is fully phased out.
Some low-income owners, such as seniors or people with disabilities, can also apply for a supplement that replaces any grant amount they lose due to the value of their home being over the threshold.
The homeowner grant amounts are up to $570 for the basic grant, up to $770 if the home is located in a northern or rural area, and up to $845 for homeowners who are 65 years or older, or if they live with a disability or a relative, who has a disability.
There is also a grant of 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 B.C. government reimburses municipalities for the full cost of the grant to ensure local government tax revenues are not affected.
Homeowners can apply for the grant online on the government’s website.