If you’re a homeowner, you may be newly eligible for property tax relief – the homeowner grant threshold has been raised to $1.2 million for 2016.
According to the B.C. government, raising the threshold means more than 91 per cent of homes in the province now qualify for a property tax reimbursement of up to $570 on an owner’s principle residence.
The grant threshold was $1.1 million last year. Homes that fall above the new number may still qualify for a partial reimbursement, especially if the owners are low income. For every $1,000 of assessed value above the threshold, the grant is reduced by $5.
An additional grant of up to $275 is available for senior homeowners aged 65 and above, have disabilities, or receive war-veteran allowances. The northern and rural home owner benefit provides an additional $200 property tax relief to those outside of Metro Vancouver and the Fraser Valley.
That means certain homeowners could qualify to receive back more than $1,000 worth of property taxes.
Additionally, qualified homeowners who are having trouble keeping up with rising property values can defer a portion or all of their property taxes.
The grant is available to both landed immigrants and Canadian citizens who live in B.C.