BC Properties Valued at Up to $ 1.975 Million Now Eligible for Homeowners Grant | The Canadian News

Homeowners in British Columbia whose property is valued at just under $ 2 million will continue to be eligible for the annual homeowners grant.

The provincial government announced Wednesday that it raised the grant threshold to $ 1.97 billion for this year.

The government says in a press release that the new cap will ensure 92 percent of residential properties are covered, reducing the amount of taxes people pay for their primary residence.

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Those who own and live in their homes in the Metro Vancouver, Fraser Valley and Regional Capital districts are eligible for the base grant of $ 570, or up to $ 845 for those with a disability or age 65 and older.

The basic grant for those living in rural and northern areas is $ 770, or $ 1,045 for those who are disabled or over 65.

BC’s appraisal authority released property appraisals this week, showing increases in almost every part of the province.