Victoria Real Estate
MINICIPAL PROPERTY TAXES AND HOMEOWNER'S GRANT PROGRAM CHANGES
On February 19, 2008 BC Finance Minister Carole Taylor announced Balanced Budget 2008. Included in the budget are certain changes relating to municipal Homeowner's Grants for qualifying owners of real property in BC.
Effective for the 2008 Tax Year, the threshold at which homeowners qualify for the full Homeowner's Grant will increase to $1,050,000 in assessed property value, up from $950,000 last year. For properties valued above the new threshold, the grant is reduced by $5 for each $1000 of assessed value in excess of the threshold. For homeowners qualifying for the Basic grant, the grant is eliminated for properties assessed at $1,164,000 and above. For those homeowners qualifying for the Additional grant (which is available to seniors, veterans and the disabled) the grant is eliminated when assessed property value exceeds $1,219,000.
New provisions are now in effect to assist those whose homes have been damaged or destroyed by fire, flood or natural disaster. Such homeowners will be eligible to receive a grant supplement for two years after destruction or damage, during the time when reconstruction or repair of the home is occurring. Certain restrictions on eligibility apply. For example, the homeowner must occupy the residence after reconstruction or repair as his or her principal residence, and the residence cannot be occupied by any persons during the reconstruction or repair.
In addition, homeowners who temporarily cease to occupy their home, as a result of work, travel, employment or for medical reasons, may still be eligible to claim the grant for up to two years after the cease of occupation. To qualify, the home must remain vacant or be occupied by the homeowner's spouse who, although not the owner, nevertheless has lived in the home as his or her principal residence.
For more details, please visit http://www.sbr.gov.bc.ca/msbr/budget/property_taxes.htm
This information was sent by Mullin DeMeo Barristers and Solicitors in Victoria, BC, Canada.