Homeowner grant amounts, threshold increases!
For the 2006 tax year, the basic homeowner grant has increased to $570 from $470. For recipients who are 65 or over, disabled or a veteran, the grant has been increased to $845, up from $745.
The threshold of assessed value at which the homeowner grant begins to phase out is now $780,000, an increase from $685,000. This change ensures more than 95 per cent of homeowners are eligible for the full grant.
Without the new threshold level, up to 27,000 British Columbia households would have seen their grant reduced or eliminated. The grant is reduced by $5 for every $1000 of assessed value in excess of the $780,000 threshold.
The additional grant for homeowners with disabilities has also expanded. These homeowners may now qualify for the additional grant if they purchase a home in which a previous owner spent more than $2,000 on disability-related modifications.
Homeowners can determine their eligibility by reviewing the homeowner grant application on their municipal or rural property tax notice, or by visiting www.sbr.gov.bc.ca/rpt online.