BC Home Owner Grant Threshold Increases for 2018
It’s the start of 2018, and homeowners can anticipate a notice in the mail regarding their 2018 property assessments. Assessments are set on July 1st of every year, and the notices are then sent out in early January of the following year. For home owners that can’t wait to receive their BC Assessment in the mail, you can always check online at https://evaluebc.bcassessment.ca/
2017 Market Analysis
Data released on Tuesday January 2, 2018 by BC Assessment shows that from the period of July 1, 2016 to July 1, 2017 detached (single-family homes) in the Greater Vancouver region have ranged from a 5% decrease to a 25% increase. This is a vast difference to the period between 2015 and 2016, where Greater Vancouver detached properties saw an increase between 15-50%. However, strata properties such as condos and townhouses have continued to rise with assessed values increase between 5-35% in urban areas
New Threshold Amount for 2018
With the data regarding a fairly stable or rising market across the board for all types of properties in Greater Vancouver, the provincial government announced on Wednesday that British Columbian homeowners will be granted a new threshold of $1,650,000 in order to be eligible to claim the homeowners grant. This new threshold is a $50,000 increase from the previous year’s threshold, which was $1.6 million. Prior to the most recent change, the BC government made a drastic change to the homeowner grant threshold when they announced in 2017 that it would increase from 2016’s $1.2 million to $1.6 million.
The homeowner grant in BC helps to reduce the amount of property taxes that you pay for your principle residence. You can only have one principal residence, and your principal residence would be the home in which you live, conduct your daily affairs, have your mail sent, and where you report as your residence to the government, medical, etc.
The changes mean owners whose homes are worth up to $1.65-million are now eligible for the province’s homeowner grant of $570 toward the costs of property taxes with the basic grant, with a higher amount of $770 for northern and rural residents, and $845 for homeowners over the age over 65.
By raising the threshold, the government states that the grant would be applicable to 91 per cent of B.C. homes, the same percentage as last year.
For frequently asked questions about the BC home owner grant and to find out whether you qualify, check out our blog post here: BC Home Owner Grant FAQs
Thinking of appealing your property assessment? Before you make any moves, check out our blog: BC Assessment Notices & Appealing OR give us a call at 604-765-0376. Prefer text? 604-319-0200 or email firstname.lastname@example.org and we will appraise your property for FREE.
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