The province is raising the 2018 homeowner grant threshold to $1.65 million, ensuring the same percentage of British Columbia homes are below the threshold as in 2017.
Eligible homeowners must apply for the homeowner grant each year. To be eligible for a grant, the home must be used as the owner’s principal residence. The homeowner grant is automatically calculated on a homeowner’s property tax notice.
The homeowner grant amounts are:
- $570 for the basic homeowner grant.
- $770 if the home is located in a northern or rural area.
- Up to $845 for homeowners who are 65 years or older, or the homeowner is a person with a disability.
- Up to $1,045 for homeowners who are 65 years or older, or the homeowner is a person with a disability if the home is in a northern or rural area.
Some low-income owners, such as seniors or people with disabilities, can apply to supplement their homeowner grant if it has been reduced or eliminated because of the high assessed value of their principal residence. Homeowners may also be eligible for property tax deferment if they are 55 years or older, or are financially supporting a dependent child.
- Homeowner grants will return an estimated $825 million to British Columbians this year.
- The Province reimburses municipalities for the full cost of the homeowner grant to make sure municipal revenues are not affected.
- In the majority of B.C. communities, almost every home is valued below the threshold.