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B.C. increases homeowner grant threshold to $1.2 million as property values rise

VICTORIA — The skyrocketing price of some British Columbia homes has prompted the provincial government to boost the threshold for those eligible for the $570 homeowners grant.

Finance Minister Mike de Jong says he has increased the annual grant ceiling for 2016 to $1.2 million, up from last year's $1.1 million.

De Jong says the limit means 91 per cent of B.C. property owners remain eligible to claim the homeowner grant that reduces their annual property tax bill.

The increase comes as annual property assessments, particularly in Metro Vancouver, arrive in the mail and many boast dramatic increases in property values.

De Jong says local governments set tax rates and huge property assessment increases do not necessarily signal coinciding tax hikes.

He says rising property assessments are generally positive developments for homeowners who are realizing increases in their equity.

The Canadian Press

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