BC – Changes announced to Home Owner Grant program
The province provides a Home Owner Grant program to BC residents whose home is valued below a set threshold. Under the program, qualifying homeowners can receive a reduction in the amount of property taxes payable on their home.
The program was formerly available to qualifying homeowners whose properties are valued at $1,295,000 or less. For properties valued above the threshold, the grant is reduced by $5 for every $1,000 of assessed value over the threshold. However, an announcement in this year’s budget decreases that threshold from $1,295,000 to $1,100,000 for the 2014 tax year, such that fewer homeowners will be eligible for the Grant.
More information on the Homeowner Grant Program can be found on the B.C. government website: http://www.sbr.gov.bc.ca/documents_library/bulletins/hog_001.pdf.
Reprinted with permission from CCH. The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation.