The government says in a statement that resetting the threshold from $1.975 million means about 92 per cent of residential properties will be eligible for the grant, which reduces property tax on a principal residence.
For homeowners in northern and rural areas, the basic grant is $770 or $1,045 for veterans, those with a disability or people over 65. The agency says that while some people may be worried about their taxes going up if they’ve had a large hike in the value of their home, the most important factor is how much the value has changed relative to the average increase of properties in their area.