Home Owner Grant threshold at $1.625 million

Meanwhile, beginning in 2021, the province will be assuming full administration of the grant program, which it said is being done to ease the burden on municipalities.

The 2021 Home Owner Grant threshold is set at $1.625 million.

Meanwhile, beginning this year. the province will be assuming full administration of the grant program, which it said is being done to ease the burden on municipalities. The province already administers the grant for rural homeowners.

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Homeowners in all municipalities will now submit their applications directly to the province instead of through their municipal offices. Similar to previous years, applications will open in May, when a majority of property tax notices are received.

As in previous years, homeowners are reminded to keep their property assessment notice from BC Assessment or property tax notice from their municipality. They will need their roll and jurisdiction number from their notice to apply for the Home Owner Grant with the Province.

The grant is reduced by $5 for every $1,000 of assessed value above the threshold of $1.625 million. Some low-income seniors, veterans and people with disabilities can also apply for a supplement that replaces any grant amount they lose due to the value of their home being over the threshold.

The grant amounts for 2021 for homeowners located in a northern or rural area (outside Metro Vancouver, the Fraser Valley Regional District and the Capital Regional District), including Kamloops, are up to $770 and 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 grant amounts for 2021 for homeowners in Metro Vancouver, the Fraser Valley Regional District and Capital Regional District are up to $570 for the basic Home Owner Grant and up to $845 for homeowners who are 65 years or older or the homeowner is a person with a disability or lives with a relative who has a disability.

Homeowners may also be eligible for property tax deferment if they are 55 years or older or are financially supporting a dependent child.

More information is online here and here.

 

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