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

Southern resident orca L41 considered missing and feared dead

The orca was last spotted in Aug. 2019 when photographed in western Strait of Juan de Fuca

Victoria resident says WestJet employee uttered racist comment, refused to let her on plane

Customer claims she was told ‘You guys can’t handle your alcohol’ by WestJet employee

Indigenous youth arrested during 15-hour occupation to hold press conference Wednesday morning

The speakers are expected to condemn police, RCMP actions towards Indigenous people

VIDEO: Saanich family competes on first season of ‘Family Feud Canada’

Charania family will face off against the Torres family from Hamilton, Ont.

Oak Bay confirms first heritage conservation area

Heritage bylaw for The Prospect neighbourhood in final phase

B.C. reports first coronavirus in Vancouver region

First patient visited Wuhan, China, reported symptoms

Greater Victoria’s wanted list for the week of Jan. 28

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

POLL: Are you concerned about the coronavirus?

The coronavirus which has sparked concern around the globe has now arrived… Continue reading

Off-duty Nanaimo Mountie takes down would-be ice cream thief

Suspect attempted to steal Dilly Bars from Dairy Queen location on Sunday

Nanaimo man hit with pole in dispute over off-leash dog

RCMP say no charges recommended at this time

Was there a tornado on Vancouver Island Monday?

Suspected phone app glitch gives eerie warning

Work has started on Malahat Skywalk, expected completion in 2021

$15-million project expected to open in spring, 2021

B.C. reports first coronavirus in Vancouver region

First patient visited Wuhan, China, reported symptoms

Sooke Minor Fastball to host coaching clinic

Clinic ideal for those planning to coach U6 to U18 teams

Most Read