BC Assessment says the average single family home in Kimberley is valued at $266,000 as of July 1, 2017.

Province raises threshold for homeowner grant to $1.65 million

Eligible homeowners must apply for the grant each year. To be eligible, the home must be used as the owner’s principal residence

Following on the heels of 2017 property valuations released by BC Assessment, the Province announced today it is again raising the homeowner grant threshold, albeit slightly.

The 2018 grant has been raised to $1.65 million, ensuring the same percentage of British Columbians homes are below the threshold as in 2017. Last year’s threshold level was raised $400,000 to $1.6 million.

Eligible homeowners will still need to apply for the grant each year, and the home must be the owner’s principal residence in order to qualify. If approved, the grant will be automatically calculated on your property tax notice.

READ MORE: 2017 BC Assessment values now available online

Depending on your age and where you live, the homeowner grant can vary:

  • $570 for the basic homeowner grant
  • $770 if the home is located in a northern or rural area
  • Up to $845 for homeowners who are 65 years or older, or the homeowner is a person with a disability
  • Up to $1,045 for homeowners who are 65 years or older, or the homeowner is a person with a disability if the home is in a northern or rural area

Other low-income owners, such as seniors or those with disabilities, can apply to supplement their grant if it’s been reduced or eliminated due to a higher assessed home value.

Homeowners may also be eligible to defer their property tax if they are 55 or older, or are financially supporting a dependent child.

READ MORE: 67,000 homeowners get early-warning assessment notice

According to the Province of B.C., they will reimburse municipalities for the full cost of the grant to ensure local revenues are not affected. Homeowner grants will return an estimated $825 million to British Columbians this year, and in the majority of communities, almost every home is valued below the threshold.

Signature:



ragnar.haagen@bpdigital.ca

Like us on Facebook and follow us on Twitter

Just Posted

Sun-Rype Products Ltd. and Mamas for Mamas announce partnership

The partnership will help support mothers in crisis

Two artists put on divine feminine art show in Kelowna

The show will be on for the month of July

Poke bowl craze is coming to Kelowna

Pacific Poke opens Downtown this July

First annual BE Awards celebrate Thompson Okanagan Businesses

Kelowna businesses shine in several categories

Kelowna RCMP investigating car accident

The car is believed to have been travelling 150 km/hr

Homeless people living on ‘Surrey Strip’ move into modular housing

BC Housing says 160 homeless people are being moved into temporary Whalley suites from June 19 to 21

Senate officially passes Canada’s marijuana legalization bill

Bill C-45 now moves to royal assent, which is the final step in the legislative process

Fake attempted abduction not funny to B.C. neighbourhood residents

Two teenage boys won’t face criminal charges after scaring girl

New craft brewery location chosen in Kelowna

Rustic Reel Brewing says it will produce beer at new location on Vaughan Avenue

Mosquitoes out in full force already? Blame the weather

But a B.C. mosquito expert says the heat wave will help keep the pests at bay

Man pleads not guilty in 1987 slayings of B.C. couple

William Talbott of SeaTac was arraigned Tuesday in Snohomish County Superior Court

New GOP plan: Hold kids longer at border – but with parents

Move would ease rules that limit how much time minors can be held with their parents

Without a big data strategy, Canadians at risk of being ‘data cows’

Presentation said artificial intelligence could give Facebook and Amazon even more power

Five B.C. families stuck in Japan as Canada refuses visas for adopted babies

Lawyer points to change in American policy around adoptions from Japan

Most Read