The BC Government has set the BC Home Owner Grant threshold at $1.975 million for this year.
The grant lowers the amount of property taxes people pay on their principal residence.
According to the province, that threshold ensures 92% of residential properties are covered by the grant that lowers the amount of property taxes people pay on their principal residence.
Homeowners in northern and rural areas can receive as much as $770, or as much as $1,045 for seniors or people who have a disability.
The grant is reduced by $5 for every $1,000 of assessed value above the threshold. Low-income seniors, veterans and people with disabilities who lost some or all of their grant due to the high value of their home can apply for a separate low-income grant supplement that can replace any grant amount lost due to the threshold.
BC residents can apply for the grant online at the BC government’s website.