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Homeowner grant threshold boosted as B.C. home values rise 12 per cent

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B.C. homeowner grant limit increased as property values rise by 12 per cent

Posted: Jan. 3, 2023 4:44PMVICTORIA – The British Columbia government is boosting the homeowner grant threshold to $2.125 million for this year as average property values increase by 12 per cent.

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 those who live in their homes in Metro Vancouver, the Fraser Valley and Capital Regional District is $570 and as much as $845 for those over 65, who are veterans or who have a disability.

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. BC Assessment says in a statement the valuations released Tuesday show estimates from last July, when the total value of real estate assessed in the province reached $2.27 trillion.

 

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