B.C. boosts eligibility for homeowner grant to 1.6M as property values skyrocket
VANCOUVER — British Columbia residents whose homes are valued at up to $1.6 million will now be eligible for a reduction on their annual property tax bill.
The provincial government announced the change Tuesday, days after many residents were surprised by dramatic increases in the assessed values of their homes. Homes valued at over $1.2 million would lose their $570 homeowner grant.
Finance Minister Mike de Jong announced the eligibility threshold for the grant deduction from property taxes would increase by $400,000 from the 2016 limit.
The change will ensure that 91 per cent of homeowners across the province will be eligible to receive a basic grant, de Jong said, adding the program will apply to 83 per cent of the homes in Metro Vancouver.