BC Government increases Home Owner Grant Threshold - Tips from your local Cloverdale Real Estate Specialists
Blog by Bettina Reid | January 10th, 2017
The BC government announced today that they will increase once again the BC Home Owner Grant threshold from $1.2 million to $1.6 million. Which means if your home is valued less than $1.6 million then you may qualify for a $570.00 grant and must apply online to receive this grant.
Earlier today I had to take my car in for an oil change and one of the mechanics was asking about the market and had mentioned that his son just received his BC assessment and he no longer qualifies for the home owner grant as his home is now assessed at $1.4 million dollars. I shared the news and he was pleased to hear and will share with his son that he in fact does now qualify since the threshiold has been increased.
The $570.00 will help to reduce the total property tax amount owing and in order to qualify this must be your principal residence. To learn more about how you may qualify and how to apply for the BC Home Owner Grant visit the following link:
BC Home Owner Grant
If you forgot to apply for the grant last year, you can also find a retroactive form to fill out in the same link that allows you to apply some of it to this years property tax bill.
If you live in Northern BC or rural areas you may qualify for as much as $770.00, once you apply online whichever amount is showing is the amount your community allows.
Property taxes are due this year on July 4, 2017 and you must apply for the BC Home Owner Grant before July 2, 2017 in order to benefit from the total of $570.00 afterwards penalties may apply reducing the amount of the grant.