HOME OWNERS GRANT ELIGABILITY
Grant threshold tops $1 million
VICTORIA
- The homeowner grant threshold has broken the $1 million mark.
Taylor
said in a statement.
British Columbia
, including new construction, have increased by 16 per cent over the past year.
Province raises threshold of basic homeowner grant to over $1 million
On Friday, Finance Minister Carole Taylor announced the province is raising the threshold for the fifth consecutive year.
"2007 marked another active year for B.C.'s housing market and construction sector,"
"While that speaks to the underlying strength of B.C.'s economy, the sharp increase in property values can lead to higher costs for many homeowners," she added.
"Increasing the threshold will ensure the homeowner grant remains as an important support to B.C. Families," she said.
"It will allow over 18,000 British Columbians, who would otherwise face a reduced benefit, to receive the full grant."
The new threshold at which homeowners may be eligible to receive the full grant will be $1,050,000 in assessed property value, up from $950,000.
Residential property values in
The Home Owner Grant Program is designed to ease the burden of taxes for eligible homeowners. The basic grant entitles a homeowner to a maximum reduction in residential property taxes of $570.
An additional grant of $275 - for a total of $845 - is available if the owner is over 65, or permanently disabled, or eligible to receive certain war-veteran allowances.