Home Owners Grant

In British Columbia, all owner/occupants under the age of 65 may apply for a basic Home Owner Grant of $570 which is applied to the annual property tax. If the home owner is over 65, a veteran or a disabled person, the person may qualify for an additional Home Owner Grant of $275 for a total of $845 per year for property taxes.

For 2008, the basic grant will be reduced by $5 for each $1,000 of assessed value over $1,050,000 and is eliminated on homes assessed at $1,164,000 or more. The additional grant will be reduced by $5 for each $1,000 of assessed value over $1,050,000 and is eliminated on homes assessed at $1,219,000 or more.

If you meet the eligibility criteria for the additional grant and you meet the new low-income criteria, a person may qualify even if the home is assessed above $1,219,000. This measure ensures low-income seniors and other qualified indviduals who own and live in properties that have increased in value beyond the threshold, but may face financial hardship, receive some or all of the Home Owner Grant.

Questions? Contact Penticton Economic Development

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