Home » Home Owner Grant threshold set for tax year

Posted: January 5, 2021

Home Owner Grant threshold set for tax year

The Ministry of Finance announced today the 2021 Home Owner Grant threshold is set at $1.625 million, saying it ensures the same percentage of British Columbia homeowners continue to be eligible.

New in 2021, the province is taking over full administration of the grant program to ease the burden on municipalities. The province already administers the grant for rural homeowners. Homeowners in all municipalities will now submit their applications directly to the province instead of through their municipal office. 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. 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.

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

Find out whether you qualify for property tax deferment.

e-KNOW


Article Share
Author: