Home Owner Grant Threshold Increases
Finance minsiter Colin Hansen has increased the threshold for qualifying properties under the Home Owner Grant (HOG) to $1.15 million from $1.05 million.
This initiative means that 95% of British Columbians continue to benefit from the full grant.
The basic Home Owner Grant remains at $570. The additional grant for seniors, the disabled and veterans remains at $275 for a total of $845.
1. The basic Home Owner Grant at the $1.15 million threshold phases out completely at $1,264,000.
2. The additional Home Owner Grant at the $1.15 million threshold phases out completely at $1,319,000.
New Initiatives:
1. The new Northern and Rural Area Home Owner Benefit comes into effect in 2011, providing $200 in additional grants for eligible home owners living outside of the Capital, Metro Vancouver and Fraser Valley regional districts. The basic combined HOG / Northern and Rural Credit at the $1.15 million threshold phases out completely at $1,304,000. The additional combined HOG / Northern and Rural Credit at the $1.15 million threshold phases out completely at $1,359,000.
2. The Industrial Property Tax Credit increases to 60% of school property taxes payable by light and major industrial properties.
3. There is a new credit of 50% of school property taxes for land classified as "farm."