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Homeowner Grant Provides Property Tax Relief for People in B.C
In 2024, the homeowner grant will continue, covering 92% of homes with a threshold set at $2.15 million. Grant amounts remain unchanged from the previous year, offering up to $570 in property tax relief for homeowners in the Capital Regional District, Fraser Valley Regional District, and Metro Vancouver, and $770 for those outside these areas.
For seniors, veterans, or individuals with disabilities, an additional grant is available, totalling up to $845 within the Capital Regional District, Fraser Valley Regional District, and Metro Vancouver, and up to $1,045 outside these regions. In 2023, this supplementary support benefitted almost 500,000 seniors and over 15,000 people with disabilities.
To qualify, homeowners must use the property as their principal residence. The ideal time for application is in May, following the receipt of the BC Assessment notice and municipal property tax notice. Applications can be submitted through the B.C. government website, at a Service BC center, or via an automated self-service line at 1-888-355-2700. Early applications are accepted starting this month.
It is advisable to check the application status online, especially as the property tax payment deadline approaches, to avoid late payment fees or penalties.
B.C. homeowners may also be eligible for the Property Tax Deferment program, a low-interest initiative for those meeting specific criteria, such as supporting a dependent child (Families with Children Program), being 55 or older during the current year, being a surviving spouse of any age, or having a disability.
Sima MirzaAghaee, an experienced mortgage broker, sheds light on property tax relief for B.C. residents. She covers essential topics, including the definition of mortgages and property taxes for newcomers. Moreover, she delves into utilizing benefits such as the Homeowner Grant, Defer Property Tax, and B.C. Renter's Tax Credit. Sima advises close collaboration with the city for those facing difficulties paying their taxes.
Journalist: Majid Mahichi
Skyrise Media Society
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