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Homeowner grant provides property tax relief for people in B.C.

January 2, 2024 at 9:49 am  BC, News, Politics, Provincial

The homeowner grant will continue to cover 92% of homes with the threshold set at $2.15 million for 2024.

The grant amounts remain the same as last year, providing as much as $570 relief on property tax bills for owners in the Capital Regional District, Fraser Valley Regional District and Metro Vancouver, and $770 outside of those areas.

Seniors, veterans or people with a disability can qualify for an additional grant for a total of as much as $845 in the Capital Regional District, Fraser Valley Regional District and Metro Vancouver, and as much as $1,045 outside of those areas. In 2023, almost 500,000 seniors received the extra support along with over 15,000 people with a disability.

To be eligible, homeowners need to use the property as a principal residence. The easiest time to apply is in May after owners have received their BC Assessment notice and municipal property tax notice. People can apply through the B.C. government website, at a ServiceBC centre or through an automated self-service line at 1 888 355-2700. Those who want to apply early can do so starting this month.

People are encouraged to check online for their application status, particularly as the deadline to pay property taxes nears, to ensure that they are not billed for any late-payment fees or penalties.

B.C. homeowners may also be eligible for B.C.’s Property Tax Deferment program. It is a low-interest program for homeowners who meet criteria, including:

  • supporting a dependent child (Families with Children Program);
  • 55 or older during the current year;
  • a surviving spouse of any age; and
  • a person with disabilities.

Homeowners can apply for the home owner grant and Property Tax Deferment securely online. 

Quick Facts:

  • BC Assessment values are are based on the market value of similar property sales from July 1, 2023.
  • Homes valued above the threshold may qualify for a partial home owner grant.
  • The grant is gradually phased out at the rate of $5 per $1,000 of assessed value.
  • Homes phase out at $2.264 million in the Capital Regional District, Fraser Valley Regional District and Metro Vancouver, and $2.319 million for the additional grant for seniors, veterans and people with a disability.
  • Outside of those areas, homes phase out at $2.304 million for the basic grant and $2.359 million for the additional grant.

Learn More:

To learn more about or apply for the B.C. homeowner grant, visit: https.gov.bc.ca/homeownergrant  

To learn about Property Tax Deferment, visit: https.gov.bc.ca/propertytaxdeferment

To learn more about renter’s tax credit, visit: https://www2.gov.bc.ca/gov/content/taxes/income-taxes/personal/credits/renters-tax-credit

To search, check and compare property assessment information, visit: https://www.bcassessment.ca/

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