Province Will Increase Homeowner Grant Threshold

British Columbia will raise the home owner grant threshold in response to significant increases in property values . The new threshold at which homeowners may be eligible to receive the full grant will be $950,000 in assessed property value, up from $780,000. Consistent with adjustments made over the previous three years, the new threshold ensures more than 95 per cent of B.C. homeowners receive the full grant. The Home Owner Grant Program reduces the burden of residential property taxes for eligible homeowners. The basic grant entitles a homeowner to a maximum reduction in residential property taxes of $570. An additional grant of $275 is available if the owner is over 65, or permanently disabled, or eligible to receive certain war-veteran allowances. Over the past year, assessed residential property values in British Columbia, including new construction, increased by 24 per cent. The new threshold will allow up to 41,000 homeowners, who would otherwise face a reduced benefit, to receive the full grant. In Budget 2006, government also increased the basic grant from $470 to $570. More information on the Home Owner Grant Program is available online at http://www.sbr.gov.bc.ca/hog

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