As January has rolled around once again, I’m sure many of you recently received your property assessment in the mail. It is an annual appraisal by BC Assessment that for all homeowners is something worth paying attention to.
But why is this important to British Columbians? The analysis carried out by BC Assessment helps provide a predictable base for property taxation throughout the province. By classifying and valuing property and determining ownership and tax liability, stability is created.
In order to help determine jurisdictional tax rates an accurate and unbiased approach is needed and BC Assessment is committed to remaining fair and open in how they conduct their business. They are objective and make decisions without favour or prejudice.
BC Assessment provides accurate property and value information to:
• tax authorities
• property owners
• municipal, provincial and federal government agencies
• realtors, appraisers, lawyers, bankers, title search companies
• other private and public agencies.
Along with the roll out of the BC Assessment report came some great news as BC has raised the threshold of the homeowner grant. So now, British Columbians who own homes worth up to $1.285 million may be eligible to receive the entire homeowners’ grant this year. The government raised the threshold to accommodate rising property values.
This change ensures at least 95 per cent of eligible homeowners receive the full amount and those with homes valued above the threshold may still be eligible for a partial grant. The grant provides a maximum reduction in residential property taxes on principal residences of $770. Furthermore, an additional grant of $275 is available to those who are age 65 or over, permanently disabled or a veteran of certain wars.
So be sure to stay informed about your property value and the grants you might be eligible for this year.
Donna Barnett is the Cariboo-Chilcotin MLA.