Homes in this province saw a substantial hike in value in 2016 and that meant some home owners, at the higher end of the spectrum, would no longer be entitled to the home owner grant.
The old cut off was 1.2 million dollars, but with the sizeable increase in 2016, the province has opted to hike the threshold to 1.6 million.
The Province says increasing the home owner grant threshold will help keep property taxes affordable for families and ensure most home owners will continue to receive the full grant this year.
Finance Minister Michael de Jong says it is a 33% increase over last year, noting his government is doing its
part to help keep housing costs affordable for families.
part to help keep housing costs affordable for families.
The increase to the 2017 home owner grant threshold means that province wide , 91% of homes will remain below the threshold and if eligible, their owners will receive the full grant amount.
There are two types of home owner grants: The basic grant can reduce residential property taxes on an owner’s principal residence by up to $570, or if the home is located in a northern and rural area, up to $770.
An additional grant is available to home owners 65 years of age or older, or who qualify under the persons with disabilities category, or who are the surviving spouse of a veteran who received certain war-veteran allowances.
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Home owner grant thresholds have risen each year since 2010 when it was 1.05-million dollars to today’s 1.6 million dollars.
