When the latest B.C. property assessment arrived in your mailbox earlier this month, you may have had mixed feelings. If your property is typical of Victoria - or indeed most of the province - the assessed value of your property has probably increased by a percentage that's in the double-digits. On one hand, you've gained more equity simply by continuing to own your home. On the other hand, a higher assessment also brings higher property taxes that you may not have budgeted for.
Luckily, the provincial government recognized that the continuing rise of property prices would mean expanding the limit of the homeowner grant. After all, just because your home is worth more doesn't mean that your income has increased at the same rate.
Properties valued up to $1.65 million will be eligible for the homeowner grant in 2018, which ensures the same percentage of homes qualify as in 2017. The reality for most municipalities in British Columbia is that almost every home in the community is below the threshold and will be eligible to receive at least the basic grant amount of $570. Overall, the program is expected to return $825 million to the pockets of British Columbians this year.
Of course, you'll still need to apply to receive your homeowner grant during property tax season. If you're an Auxilium client, or if you subscribe to our newsletter, we'll send you a reminder in June!
And if you're ready to leverage some of that increased equity to improve your cash flow or make improvements to your home, our team is ready to help you with that, too. Contact us today to set up your free consultation with one of our licensed mortgage brokers. Call toll-free 1-855-590-6520 or visit our office at 307 Goldstream Avenue during regular business hours. We can also arrange an appointment evenings or weekends to work with you.
Auxilium Mortgage Corporation is based in Victoria, BC and works with clients locally and across Canada. The Auxilium team has over 100 years of combined financial experience and access to dozens of lenders to help you meet your goals.
