Home Owner Grant threshold increases in British Columbia – Vancouver Real Estate 2013
To keep pace with rising property assessments, the BC government has raised the Home Owner Grant threshold by $10,000 to $1,295,000 from $1,285,000. The threshold is the maximum a property can be assessed at by BC Assessment to allow the property owner to claim the full Home Owner Grant.
How much is the grant?
The Home Owner Grant gives home owners:
- a maximum reduction of $570 in property taxes on principal residences;
- an additional grant of $275 to seniors aged 65+, persons with disabilities and qualifying war veterans.
What are the exact price thresholds?
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 or more.
For 2013, the additional grant is reduced by $5 for each $1,000 of assessed value over $1,295,000, and is eliminated on homes assessed at $1,464,000 or more.
Full basic Home Owner Grant
|Property Tax Year||Assessment Threshold Amount||Basic Home Owner Grant Phase-out Threshold||Additional Home Owner Grant Phase-out Threshold|
Who can claim the grant?
Canadian citizens and landed immigrants residing in their principle residence are eligible for the grant.
The BC Government also provides property tax deferral programs for qualifying property owners including seniors age 55+, persons with disabilities, and families with children.
Deferment programs are low-interest loan programs that allow qualifying residents to defer all or part of their property taxes until they sell or transfer ownership of their home, or it becomes part of an estate.
Royal Pacific Realty Group advises home owners planning to participate in a tax deferment program to seek appropriate financial advice.
For information on BC property tax deferment programs, visit: http://www.sbr.gov.bc.ca/hog
Make sure you claim the grant
The grant is not provided automatically. Home owners must apply every year when they pay their property taxes.
If you have any real estate questions or if you are thinking of buying or selling your home, please contact James Louie Chung, Greater Vancouver REALTOR® – Real Estate Agent at [email protected] or call / text ( 6 0 4 ) 7 1 9 – 6 3 2 8 today!