Budget Day in BC - Pertaining to Real Estate in BC
Today, we are announcing further measures to keep our taxes fair and competitive — starting with tax relief for homeowners.
We are investing $309 million over four years to help address the challenges that come with soaring real estate values — especially for families and seniors on fixed incomes.
For almost 50 years, the homeowner grant has helped to keep home ownership affordable. With this budget, we're improving it in three ways:
- First, we're increasing the basic grant by 22 per cent to $570. This is the first increase in this important grant since 1993. It recognizes the challenges many families are facing as real estate prices have soared.
Second, as we announced last month, we're raising the threshold — the point at which homeowners qualify for the full grant — by $95,000 to $780,000 in assessed value. Without that change, up to 27,000 households would have seen their grant reduced.
Third, we're expanding eligibility for the supplementary grant to include more people with disabilities. As of the 2006 tax year, that higher amount will be available to those disabled individuals who purchase homes already modified to meet their special needs.
These improvements to the homeowner grant are worth a total of $309 million over four years. That's more than a quarter of a billion dollars back in British Columbians' pockets.
CLICK HERE to see the whole BC BUDGET SPEECH
The Schacter Team - Your Langley Real Estate Experts.