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What is the BC Homeowner Grant?

When the latest B.C. property assessment arrived in your mailbox earlier this year, you may have had mixed feelings. If your property is typical of Victoria – or indeed most of the province – the assessed value of your property has decreased by a small percentage. Overall, homeowners throughout Vancouver Island have seen in the range of a –5% to +5% change in assessment values.

Fortunately in 2018, the provincial government recognized that the continuing rise of property prices would involve expansion of the homeowner grant’s limit, since one’s income does not increase at the same rate as the value of one’s home.

What is the BC Homeowner Grant?

The homeowner grant reduces the amount of property taxes you pay each year on your principal residence. All homeowners must pay a minimum of $350.00 in property taxes before receiving any grant. The regular grant amount for properties located in the Capital Regional District, the Metro Vancouver Regional District, and the Fraser Valley Regional District is $570.00. For all other areas of the province, the grant amount is $770.

To qualify for the grant, you must be:
                – Registered homeowner
                – A Canadian Citizen or a Permanent Resident in Canada
                – Living in B.C.
                – You must occupy the residence as your principal residence.

Grant Threshold: The grant threshold for 2024 is properties assessed up to $2,150,000; you may be able to claim the full grant amount if your property has an assessed value of $2,150,000 or less.

Reduced Grant Amount: If your property is assessed higher than the grant threshold, you may qualify for a reduced grant amount. The grant is reduced by $5 for each $1,000.00 of assessed value over the grant threshold limit.

No Grant Amount: If your property is assessed at over $2,264,000 ($2,304,000 in the northern and rural areas).

No Additional Grant: If your property is assessed at over $2,319,000 ($2,359,000 if you are located in the northern and rural areas).

Applying for the Grant:  You must reapply each year to receive the grant on your principal residence.  The fastest and easiest way to apply for your homeowner grant is online. Be sure to apply before your property tax due date to avoid late payment penalties. For your convenience, the link to apply is below:

https://www.etax.gov.bc.ca/btp/HOG/_

If you’re ready to leverage some of your equity to improve your cash flow or make improvements to your home, our team is ready to help you with that, too. Contact us today to set up your free consultation with one of our licensed mortgage brokers. Call toll-free 1-855-590-6520 or visit our office at #16-Unit 211-2840 Peatt Road during regular business hours. We can also arrange an appointment evening or week.

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