Close X
Friday, January 10, 2025
ADVT 
National

B.C. Government Sets A Lower Home Value For Those Claiming A Tax Grant

The Canadian Press, 03 Jan, 2020 06:36 PM

    VICTORIA - The threshold is being lowered for homeowners who qualify for a grant to help offset property taxes in British Columbia.

     

    The provincial government says a decline in housing prices is behind the decision to lower the property value threshold to qualify for the full grant.

     

    The threshold for 2020 is set at $1.525 million, down from $1.65 million in 2019.

     

    The Finance Ministry says 92 per cent of homeowners will be eligible for the full $570 grant in 2020, the same as last year.

     

    BC Assessment said Thursday there was an 11 per cent annual decline in the typical value of single-family homes in Vancouver, with the average assessment standing at $1.57 million as of July 1, 2019.

     

    Residents whose homes are over the $1.525 million threshold are still able to claim some of the grant, which is reduced by $5 for every $1,000 of assessed value above the threshold.

     

    Those 65 and older who are living in their homes in northern and rural areas can claim as much as $1,045 off their annual tax bill under the grant program.

     

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

     

    MORE National ARTICLES

    Nova Scotia Withholds Approval, Seeks More Information On Pulp Mill Plan

    Gordon Wilson says the province doesn't have enough information to determine if Northern Pulp's project will harm the environment, and the company can't move forward until it files a full environmental assessment report.

    Nova Scotia Withholds Approval, Seeks More Information On Pulp Mill Plan

    Dad Convicted Of Killing His Two Daughters Still Says He Didn't Do It: Lawyer

    Andrew Berry was convicted in September by a jury on two counts of second-degree murder in the deaths of four-year-old Aubrey Berry and six-year-old Chloe Berry.

    Dad Convicted Of Killing His Two Daughters Still Says He Didn't Do It: Lawyer

    Collision Near Revelstoke, B.C., Leaves One Dead, Closes Highway 1 For Hours

    Collision Near Revelstoke, B.C., Leaves One Dead, Closes Highway 1 For Hours
    REVELSTOKE, B.C. - RCMP confirm one person died in a crash Monday east of Revelstoke, B.C.    

    Collision Near Revelstoke, B.C., Leaves One Dead, Closes Highway 1 For Hours

    Man Knew Repeated Stabbing Could Lead To Girl's Death At Abbotsford Secondary School: Crown

    Anger, not a mental disorder, was among the reasons behind a man's actions when he stabbed a student to death with a hunting knife inside a British Columbia high school, a Crown attorney said during closing arguments Monday.

    Man Knew Repeated Stabbing Could Lead To Girl's Death At Abbotsford Secondary School: Crown

    Victims Of Danforth Shooting File Class-Action Lawsuit Against US Gunmaker Smith & Wesson

    Victims Of Danforth Shooting File Class-Action Lawsuit Against US Gunmaker Smith & Wesson
    Victims of a mass shooting in Toronto have filed a class-action lawsuit against U.S. gunmaker Smith & Wesson, alleging the company was negligent for failing to include "smart gun" techology in the handgun that was used in the attack.

    Victims Of Danforth Shooting File Class-Action Lawsuit Against US Gunmaker Smith & Wesson

    Civil Liberties Group Urges Voting Rights For Permanent Residents In B.C.

    VANCOUVER - A B.C. group that supports civil liberties and human rights has backed local politicians seeking voting rights for permanent residents who are not Canadian citizens.

    Civil Liberties Group Urges Voting Rights For Permanent Residents In B.C.