The property value threshold is now $1.525M
Gerv Tacadena
REP
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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