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.