Real Estate Updates - Basic Home Owner Grant - APPLY for it!

The basic grant can reduce your property tax by as much as $570. The minimum tax payable ($350) ensures that all homeowners (or eligible occupants, which includes an eligible occupant of an eligible apartment, housing unit, land cooperative or multi-dwelling leased parcel) contribute towards the funding of local services such as road maintenance and police protection.

For 2012, the basic grant will be reduced by $5 for each $1,000 of assessed value over $1,285,000, and is eliminated on homes assessed at $1,399,000 or more.

If your property's assessed value is over $1,285,000 but has more than one residence on it, you may still qualify for the home owner grant on one residence.

To be eligible for the grant, you must meet the following criteria:

	You are a Canadian citizen or landed immigrant and ordinarily reside in British Columbia.
	You are the registered owner or eligible occupant of the home. The home must be located within the province.
	The home is your principal residence -where you live and conduct your daily activities. The grant does not apply to summer cottages, second homes or rental properties.
	Spouses who live together, including those who are married or who live together in a marriage-like relationship, including same-gender partners, can qualify for a grant on only one residence in the province in a calendar year.
	Spouses who live apart can each claim a grant on their principal residence if they have a written separation agreement or a court order recognizing the separation.

 

The grant should be claimed prior to the tax due date, even if you do not pay at that time. The grant is considered unpaid tax until it is claimed. By claiming the grant prior to the due date, you avoid paying a penalty on this portion of the tax.

You must apply for the grant each year after you receive your property tax notice and before December 31. The grant is applied toward the current year's property tax. It does not apply to School Referendum Taxes, arrears, delinquent taxes, penalties, utilities or user fees which may also appear on your tax notice.

If you are over 65, have a disability, or receive a war veteran's allowance, you may be eligible for the Additional grant.

 

 

Please visit the Ministry of Finance website. for further information.

 

 

My Best,

Arran