HOME OWNER GRANT CHANGE
Dear Friends,
As you may already know, the Minister of Finance recently announced changes to the 2006 provincial budget. These changes will affect the grant amount along with the phase out threshold for the Home Owner Grant.
"Effective for the 2006 tax year, the basic home owner grant increases to $570 from $470 and the additional grant will increase to $845 from $745.
The phase out threshold of the Home Owner Grant increases to $780,000 from $685,000. The grant phase out rate continues at $5 per $1000 of assessed value above the threshold.
A partial grant will apply to properties valued between $780,000 and $894,000. For seniors and other home owners receiving the additional grant, a partial grant will be available for properties valued up to $949,000."(as detailed on the Ministry's website.)
For complete details, visit the government webstie at -
http://www.rev.gov.bc.ca/Rpt/DetailedPages/2006_budget_changes.htm