The property tax assessments will be hitting mailboxes over the next couple of weeks.
Most people know that you can only claim the Home Owner Grant for the property that you live in as your principal residence, but did you know that your property also needs to qualify?
If your property has an assessed value of $1,200,000 or less, then you’re still entitled to the full home owner grant of $570 or, if it’s located in a northern and rural area, up to $770, of more if you’re over 65 years old.
But if you meet all the requirements but your property’s assessed or partitioned value is over $1,200,000, you may qualify for the grant at a reduced amount. The grant is reduced by $5 for each $1,000 of assessed value over $1,200,000.
This means the grant isn’t available for properties assessed over $1,314,000 ($1,354,000 in a northern and rural area). And with the way property values have gone this year, you will probably need to check to make sure! Here, it’s free to check right now at e-valueBC – BC Assessment.