Friday, January 3, 2020

Province outlines details for 2020 BC Home Owner Grant program

As BC assessment notices make their way to property owners across the province, the NDP government has outlined this years threshold amount for the BC How Owner Grant program.

 This year, the BC Government has set the threshold at $1.525 million dollars, down slightly from $1.65 million dollars of last year, based on moderating housing prices in some areas of the province.

The new level however means that 92 percent of homeowner across BC will still be eligible for the grant when it comes time to pay property taxes in the summer.

The homeowner gram program reduces the amount of property tax that people pay to municipality or to the province for those in rural areas.

For 2020, the homeowner grant amounts are listed as follows:

Up to $570 for the basic homeowner grant. 

Up to $770 if the home is located in a northern or rural area.  A “northern or rural area” means outside the Metro Vancouver, Fraser Valley and Capital Regional districts. 

Up to $845 for homeowners who are 65 years or older, or if the homeowner is a person with a disability or lives with a relative who has a disability. 

Up to $1,045 for homes in northern or rural areas where the homeowner is 65 years or older, or the homeowner is a person with a disability. 

The B.C. government reimburses municipalities for the full cost of the grant to ensure local government tax revenues are not affected.

More notes on the BC Home Owner Grant can be found from this information release from the BC Government.

A look at some of our notes on yesterday's release of BC Assessment notices across the Northwest can be found below:

January 3 -- Six Prince Rupert neighbourhoods play host to top end Assessments for 2020 in the city
January 2 -- Kitimat and Terrace lead the way in Northwest on BC Assessment increases

For more items of interest on housing across the region see our archive page here.

To return to the most recent blog posting of the day, click here.

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