Most homeowners in British Columbia will remain eligible for the B.C Home Owner Grant according to the provincial government.
The 2020 threshold for the grant has been set at $1.525 million, meaning that 92% of homeowners will remain eligible for the basic grant despite the reduction from $1.65 million in 2019.
The lower threshold reflects moderating home prices in British Columbia and reduces the amount of property tax payable to a municipality, or to the province for rural homeowners.
The homeowner grant amounts are:
- up to $570 for the basic homeowner grant.
- up to $770 if the home is located in a northern or rural area. A “northern or rural area” means outside the Metro Vancouver, Fraser Valley and Capital Regional districts.
- up to $845 for homeowners who are 65 years or older, or if the homeowner is a person with a disability or lives with a relative who has a disability.
- up to $1,045 for homes in northern or rural areas where the homeowner is 65 years or older, or the homeowner is a person with a disability.
The grant is reduced by $5 for every $1000 above the threshold that a home is assessed to be worth, although some low income earners may be able to claim a supplement to replace the amount lost.
Homeowners may also be eligible for property tax deferment if they are 55 years or older or are financially supporting a dependent child.
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