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Homeowners grant threshold hiked to $1.975 million in B.C. as property values increase

Snow-covered houses and the downtown skyline are seen with the North Shore mountains in the distance in Vancouver. THE CANADIAN PRESS

Owners in B.C. with property valued at under $1.975 million will be eligible for the annual homeowner grant.

The provincial government announced Wednesday that it had raised the grant threshold. It was $1.625 million in 2021.

The new cap will ensure 92 per cent of ­residential properties are covered, lowering the amount of taxes people pay on their ­principal residence, the government said.

People who own and live in their homes in Metro Vancouver, the Fraser Valley and Capital Regional District are eligible for the $570 basic grant, or up to $845 for those with a disability or who are 65 and older.

The basic grant for those in northern and rural areas is $770, or $1,045 for those who are disabled or over 65.

The B.C. Assessment Authority released property valuations this week, showing increases in almost every part of the ­province.