B.C. ups homeowner grant by a third as property assessment values skyrocket
VANCOUVER — Relief is on the way for homeowners in British Columbia facing a jump in property taxes thanks to soaring home values.
B.C. Finance Minister Mike de Jong said the threshold to take part in the province’s homeowner grant program will increase by a third this year, to include properties with an assessed value of up to $1.6 million.
The $400,000 jump from last year’s limit will ensure nine out of 10 homes across the province are eligible to receive a basic grant of $570, he said. The program will apply to one-in-five homes in Metro Vancouver, he added.
“We are doing our part to help keep housing costs affordable for families,” de Jong said in a statement.