The B.C. Government has set the Home Owner Grant for 2020.
The Government says the threshold has been set at $1.525 million, claiming that 92% of homeowners in the province are eligible for a grant this year.
Due to moderating housing prices throughout the province, the threshold dropped from $1.65 million in 2019 in order to maintain the same percentage of residential property owners are eligible for the basic grant amount, according to the B.C. Government. In order for a resident to be eligible, their overall property value must fall below the threshold
In a press release from the Ministry of Finance, homeowner grants are described as reducing “the amount of property tax people pay to a municipality or to the Province for people who live in a rural area.”
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 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 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.
Files to BC Gov News.