THE CANADIAN PRESS/Graeme Roy

B.C. lowers limit to claim $570 home tax grant

A decline in housing prices has prompted the government to lower the threshold to qualify

The threshold is being lowered for B.C. homeowners who qualify for a grant to help offset property taxes.

The province says a decline in housing prices has prompted the threshold to be set at $1.525 million for 2020, down from $1.65 million in 2019.

The Finance Ministry says 92 per cent of homeowners will be eligible for the full $570 grant in 2020, the same as last year.

BC Assessment said Thursday there was an 11-per-cent annual decline in the typical value of single-family homes in Vancouver, with the average assessment standing at $1.57 million as of July 1, 2019.

Residents whose homes are over the $1.525 million threshold are still able to claim some of the grant, which is reduced by $5 for every $1,000 of assessed value above the threshold.

Those 65 and older living in northern and rural areas can claim as much as $1,045 off their annual tax bill.

Homeowners may also be eligible for property tax deferment if they are 55 years or older or are financially supporting a child.

The Canadian Press

Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

SD54 and SD91 figuring out a back to school plan

B.C. government hopes to get students back to in-person classes

Granisle receives $4.3 million funding for Wastewater Treatment plant upgrade

The village will finally get to upgrade the 49 years old plant

Provincial grant boosted District projects

The 2019 annual report released

RDBN suspends carboard ban at Knockholt landfill

Reuse-shed in RDBN continues to remain closed

Houston Link To Learning open to public

Receives a grant for building a greenhouse and a grant to combat racism

B.C. records 146 new COVID-19 cases through long weekend

More that 28 people tested positive for the virus each day since Friday

Canucks tame Minnesota Wild 4-3 to even NHL qualifying series

J.T. Miller leads Vancouver with goal and an assist

Cyclist in hospital after being hit by load of lumber hanging from truck on B.C. highway

A man is in hospital with broken ribs, punctured lung and a broken clavicle and scapula

COVID-19 vaccine efforts provide hope but no silver bullet to stop pandemic: Tam

There are more than two dozen vaccines for COVID-19 in clinical trials around the world

Two people die in propane heated outdoor shower near Princeton

Couple was attending a long weekend gathering

Racism in B.C. healthcare: Deadline for First Nations survey coming up on Aug. 6

Survey comes after hospital staff allegedly played a blood alcohol guessing game

‘We want to help’: As overdose deaths spike, beds lay empty at long-term Surrey rehab centre

John Volken Academy searching for ‘students’ to enlist in two-year residential treatment program

Study shines light on what makes LGBTQ+ youth feel safe in a community

The study goes beyond looking at school or family supports

Alberta to require masks at schools this fall, but still no mandate in B.C.

B.C. students are also set to return to classrooms in September

Most Read