The BC Government has increased the Home Owner Grant threshold by $10,000 to $1,295,000. The threshold is the maximum assessed value an owner's property can reach, which still allows them to claim the full Home Owner Grant.
The grant helps keep property taxes affordable as property value assessments rise.
About 95.5% of BC home owners are eligible for the full grant.
At what value is the gant eliminted? For 2013 the basic grant is reduced by $5 for each $1,000 of assessed value over $1,295,000 and is eliminated on homes assessed at $1,409,000.
Who is eligible for the homeowners grant? Canadian citizens and landed immigrants residing in their principle residence are eligible for the grant.
Can I defer my property taxes? Yes, if you qualify - if you are 55+, a person with disabilities and families with children. You can defer the taxes until you sell your transfer ownership of yor home, or it becomes part of an estate.
Buying or selling Vancouver real estate? Put Maggie Chandler's hyper-local experience to work for you!