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B.C. properties valued up to $1.975M now eligible for homeowner grant

Click to play video: 'Property assessments reach unprecedented levels across B.C.' Property assessments reach unprecedented levels across B.C.
While double-digit increases in property assessments are run-of-the-mill in Metro Vancouver, they're taking countless other B.C. communities into uncharted territory. Aaron McArthur reports – Jan 4, 2022

Homeowners in British Columbia whose property is valued at just under $2 million will still be eligible for the annual homeowner grant.

The provincial government announced Wednesday it has raised the grant threshold to $1.975 million for this year.

Read more: B.C. ups homeowner grant to $1.6M as assessment values jump

The government says in a news release that the new cap will ensure 92 per cent of residential properties are covered, lowering the amount of taxes people pay on their principal residence.

Click to play video: '2022 property assessments sparking ‘sticker shock’ across B.C.' 2022 property assessments sparking ‘sticker shock’ across B.C.
2022 property assessments sparking ‘sticker shock’ across B.C – Jan 4, 2022

Those who own and live in their homes in Metro Vancouver, the Fraser Valley and Capital Regional districts are eligible for the $570 basic grant, or up to $845 for those with a disability or who are 65 and older.

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Read more: BC NDP’s $400 yearly renters’ grant will come in next four years, premier pledges

The basic grant for those in northern and rural areas is $770, or $1,045 for those who are disabled or over 65.

The B.C. assessment authority released property valuations this week, showing increases in almost every part of the province.

 

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