B.C.’s Home Owner Grant threshold is set at $1.975 million for 2022, advises a Jan. 5, 2022, press release from the Ministryy of Finance. The release notes the new threshold will ensure that 92 per cent of residential properties are covered by the grant, which lowers the amount of property taxes people pay on their principal residence.
Homeowners in Metro Vancouver and the Fraser Valley and Capital Regional districts may be eligible for up to $570 for the basic Home Owner Grant, and as much as $845 for homeowners 65 or older, and for people who have a disability or live with a relative who has a disability.
The ministry advises the grant for homeowners in northern or rural areas (outside of Metro Vancouver, the Fraser Valley, and Capital Regional districts) is as much as $770, or as much as $1,045 for seniors or people who have a disability.
The grant is reduced by $5 for every $1,000 of assessed value above the threshold. Low-income seniors, veterans and people with disabilities who lose some or all of their grant due to the high value of their homes can apply separately for a low-income grant supplement that can replace any grant amount lost due to the threshold.
The fastest and easiest way to apply for the Home Owner Grant is on the B.C. government website. People can also check online for their application status, and homeowners with more complex situations can call 1-800-663-7867, or go to a ServiceBC Centre.
The ministry also advises the best time to apply for the grant is in May after homeowners have received both their BC Assessment notice and their municipal property tax notice, as assessment roll and jurisdiction numbers are needed to apply.
Homeowners may also be eligible for property tax deferment if they are 55 or older, or are financially supporting a dependent child.
Learn more about B.C. Home Owner Grant: www.gov.bc.ca/homeownergrant
Learn more about Property tax deferment: www.gov.bc.ca/propertytaxdeferment
~Source: Ministry of Finance
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