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

Aldergrove newspaper boys brave the snow

Aldergrove Star carriers are doing their best to deliver the news to you

Young curlers ready for national tournament in Langley

The teams practiced on Friday in preparation for the official start Saturday

Not over yet: Mixture of snow, freezing rain on way as winter storm tapers in Lower Mainland

Environment Canada releases weather alert for Metro Vancouver, Fraser Valley

WEATHER: Another wintry storm to hit Langley

Some Friday morning University classes are cancelled due to weather conditions

VIDEO: Contest winner pays it forward in Langley

Jan Janzen will share her $200 prize with the food bank, homeless shelter, and grandkids

Closed mills, housing surge support a positive forecast for lumber industries

B.C. lumber producers have closed mills accounting for 18% of province’s capacity, RBC report says

Good Samaritan pays part of rent for B.C. woman facing eviction in can-collecting dispute

Zora Hlevnjak, 76, supplements her pension by collecting cans and receiving public donations

Should winter tires be mandatory in the Lower Mainland?

ICBC dial-a-claims go up as winter storm takes toll

Canada Post driver in hospital after ice smashes windshield at Massey Tunnel

Incident happened on Richmond side of the Massey Tunnel

Abbotsford bank ATM robbery thwarted by woman standing her ground

Police arrest alleged known robber running down South Fraser wearing balaclava

Kelowna’s ‘Baby Mary’ finds biological parents after more than 30 years

Geneologist and DNA test helped her connect with her biological parents

Fire truck, police car hit in chain of crashes on Hwy. 99

‘People weren’t paying attention,’ says Surrey assistant fire chief

Kelowna hotel to award couples for baby-making with Nooner deal

The deal includes a free stay every Valentine’s Day for the next 18 years

Most Read