BC lowers value threshold for tax grant

by Gerv Tacadena08 Jan 2020

The British Columbia government has decided to lower the property-value threshold for the province’s tax grant, allowing more homeowners to qualify for a full claim.

The property-value threshold for 2020 is now set at $1.525m, down from $1.65m last year. The provincial government said this decision was due to the decline in house prices, according to The Canadian Press.

Prices of single-family homes in Vancouver declined by 11% as of July last year, according to the BC Assessment Authority.

With the change, 92% of homeowners will be eligible for the full $570 grant this year.

Owners of properties with values exceeding the threshold can still claim partial grants. The grant is reduced by $5 for every $1,000 of assessed value above the limit.

The change also allows senior homeowners in northern and rural areas to claim as much as $1,045 off their annual tax bill. Furthermore, property owners who are 55 years old or older may be eligible for tax deferment if they are financially supporting a dependent child.

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