KAMLOOPS, B.C. — Relief is on the way for homeowners in British Columbia facing a jump in property taxes thanks to soaring home values.
B.C. Finance Minister Mike de Jong says the threshold to claim homeowner grants will increase by a third this year to encompass properties with an assessed value of up to $1.6 million.
De Jong says the $400,000 jump will ensure nine out of 10 homes across the province are eligible to receive a basic grant of $570.
Last week, the Finance Ministry said it was looking to increase the $1.2-million limit after property assessments jumped by as much as 50 per cent for some single-family homes in the Lower Mainland and on Vancouver Island.
The program is expected to cost the province an extra $12 million compared to last year.
De Jong says the government wants to make sure that as many families benefit as possible.
The Canadian Press