Boost to Home Owner Grant Threshold Won’t Help the North
Prince George, B.C.- Earlier today, B.C. Finance Minster Mike de Jong announced the threshold for qualifying for the basic homeowner grant to reduce tax burden, has been boosted but it is largely a benefit to the Lower Mainland.
The threshold has been increased to $1.6 million dollars to ensure homeowners who have experienced increases in their property assessments because of a hot real estate market, can continue to receive the grant.
In northern B.C., it means just seven property owners will now qualify for the basic grant which, when combined with the northern or rural bonus, means a savings of $770 dollars.
Specifically, there are just 2 properties in Prince George ( one rural) which will now qualify. The other five properties are in the Peace region.
There is an additional grant available for home owners aged 65 or older, or who have disabilities, or are the surviving spouse of a veteran who received certain veteran allowances.
The Province reimburses municipalities for the home owner grants to ensure municipal revenues are not impacted. The change in threshold ( up 33%) means the Province will pay out $821 million in reimbursements, up from the $809 million paid to municipalities last year.