Property Assessments and The Home Owner Grant

Posted By Jiwan Dhillon

The Increase in Property Assessments

Home owners must have noticed the assessed value of their properties rising drastically, with an average of 30% to 50% for most single-family homes. This increase in property values has owners worried that their property taxes will also increase in proportion with the assessed values. However, property assessments do not automatically correspond to an increase in property taxes. The taxes are affected by your assessment change as compared to the average change in your community. In other words, if every home in your community increased by approximately the same amount, your taxes will not go up by that much.

The Home Owner Grant

Some relief can be found in the form of the “Home Owner Grant” which reduces the amount of property tax payable. Due to the increase in property values, the BC Government has increased the threshold to claim the Home Owner Grant from $1,200,000 to $1,600,000.

How it Works

The Basic Grant (Reduces property taxes by up to $570):

-Must be the registered owner
-Must be a Canadian citizen or permanent resident of Canada
-Must live in BC
-The property is your Principal Residence
-The Property value must have assessed value of $1,600,000.00 or less

The Additional Grant (Reduces your property taxes by up to $870 total, including the Basic Grant):

AND

-65 years of age or older

-Have a disability or have someone with a disability living with you

Note
If you meet certain requirements, you may still be able to apply for the grants even if you don’t meet all the above requirements (Ex. Working outside the province, living in a residential care facility, and/or absent due to reasons such as medical, travel, education, or home renovations.)

The home owner grant has many requirements and exceptions so contact us or your accountant for more information.

Property Assessments and The Home Owner Grant - Jiwan Dhillon & Co.