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

Have you seen the comet? It’s a once-in-a-lifetime chance

Rare spectacle will be visible throughout July

‘Resistance’ from Interior Health puts races in Penticton on hold

It’s unknown if races planned for this weekend at the Penticton Speedway will take place

Oliver town hall reopens to public as COVID-19 test comes back negative

Oliver Town Hall was closed briefly as a staff member showed multiple COVID-19 symptoms

RCMP to investigate hate-motivated vandalism in Summerland

Swastikas and other graffiti spray painted on house and at bandshell

AlleyCATS Okanagan: Pet of the week

Add a little Spritz and Cider to your summer

Recent surge in COVID-19 cases not unexpected amid Phase Three of reopening: B.C.’s top doc

Keep circles small, wear masks and be aware of symptoms, Dr. Bonnie Henry says

Fundraiser kick-started for Vernon woman battling tongue cancer

Woman’s four-year-old twins are the driving force behind her fight

B.C. NDP changing WorkSafeBC regulations to respond to COVID-19

Employers say reclassifying coronavirus could be ‘ruinous’

Lake Country beachgoers reminded to maintain distance amid COVID-19

Signage, park rangers, park patrol students in place to monitor busy beaches in Central Okanagan

Statistical flaws led to B.C. wolf cull which didn’t save endangered caribou as estimated

Study finds statistical flaws in an influential 2019 report supporting a wolf cull

Baby raccoon rescued from 10-foot deep drainage pipe on Vancouver Island

‘Its cries were loud, pitiful and heartbreaking,’ Saanich animal control officer says

Vancouver Island RCMP respond to reports of man masturbating on bus

52-year-old man charged with committing an indecent act in a public place

B.C. man who went by ‘Doctor Ray Gaglardi’ charged with sex assault of teenage boys

The man, 75, is accused of assaulting teenage boys he met through Coquitlam-area churches

B.C.’s potential deficit $12.5 billion as spending spikes, taxes drop

Finance Minister Carole James gives COVID-19 outlook

Most Read