THE CANADIAN PRESS/Graeme Roy

B.C. lowers limit to claim $570 home tax grant

A decline in housing prices has prompted the government to lower the threshold to qualify

The threshold is being lowered for B.C. homeowners who qualify for a grant to help offset property taxes.

The province says a decline in housing prices has prompted the threshold to be set at $1.525 million for 2020, down from $1.65 million in 2019.

The Finance Ministry says 92 per cent of homeowners will be eligible for the full $570 grant in 2020, the same as last year.

BC Assessment said Thursday there was an 11-per-cent annual decline in the typical value of single-family homes in Vancouver, with the average assessment standing at $1.57 million as of July 1, 2019.

Residents whose homes are over the $1.525 million threshold are still able to claim some of the grant, which is reduced by $5 for every $1,000 of assessed value above the threshold.

Those 65 and older living in northern and rural areas can claim as much as $1,045 off their annual tax bill.

Homeowners may also be eligible for property tax deferment if they are 55 years or older or are financially supporting a child.

The Canadian Press

Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

View Royal mayor victimized in CERB identity theft scam

David Screech shocked to find his CRA account was accessed, his banking information changed

Greater Victoria real estate sales numbers tell two stories for July

Real estate board president Sandi-Jo Ayers talks about pent-up spring demand, low inventory

B.C. Appeal Court prevents Victoria woman from using the term ‘death midwife’ in her job

Pashta MaryMoon claimed she had been providing “death-care services” for more than 40 years

Driver loses control, crashes into Saanich furniture store

Crash at Lazyboy Furniture store Wednesday afternoon

Greater Victoria Crime Stoppers wanted list for the week of Aug. 4

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

POLL: Should it be mandatory to wear masks when out in public?

B.C. is witnessing an alarming rise in the number of cases of… Continue reading

B.C. doctors, dentists call on province for mandatory mask rule

Open letter says masks should be worn in indoor public spaces, public transportation or in crowds

Dwindling B.C. bamboo supply leaves Calgary Zoo biologists worried about pandas

Zoo has been trying to send pandas back to China since May

Facebook launches its new TikTok clone, Instagram Reels

Facebook has a long tradition of cloning competitive services

‘We all have anxieties’: B.C.’s top doctor addresses return-to-school fears amid COVID-19

Dr. Bonnie Henry promises school restart plan safe for B.C. kids

B.C. fish harvesters receive long-awaited details on pandemic benefits

Applications to the $470-million federal assistance programs will open Aug. 24

Most Read