BC Government proposes increase to Homeowner Grant threshold
In response to the recent increase in property assessments, BC Finance Minister Carole Taylor announced on January 10 that she will introduce legislation to raise the level at which homeowners may be eligible to receive the full Home Owner Grant.
Currently, the full Home Owner Grant is available for properties assessed at under $685,000. The grant is reduced by $5 for each $1,000 of assessed value above that amount, and is eliminated on homes assessed at $779,000 or more.
The Minister says that once the legislation is changed in February, the full grant will be available for properties assessed at $780,000 or less. The new phase-out level will be raised to $874,000.
The full press release and backgrounder are available: CLICK HERE
The Schacter Team - Your Langley Real Estate Experts.
.