The province of British Columbia is providing some needed relief to millionaire homeowners, as the threshold for the province's Home Owner Grant was raised. Primary residences worth up to $2 million can be eligible for the property tax rebate.
The BC Home Owner Grant allocates funds to lower property tax costs. Any BC resident with a primary residence can is eligible for application as long as the home value falls below the threshold amount. This year's threshold is $1,975,000, which is a 21.5% increase from last year's threshold.
The increase isn't a measure of current home prices or of inflation but more of what the province believes households need in help in paying their property taxes.
Reduced property taxes make it possible to shoulder more significant debt loads. The property tax subsidy bolsters the maximum household credit service cap. For the median household income, this equates to taking on home prices that are 1 to 1.5%$ higher.
Current homeowners get rebates up to $770. This kind of program would generally be aimed at lower income households or families with unique or special needs.