Salmon Arm "ditto" - Majority of North Shore to get homeowners grant

Despite the recent leap in assessed property values, most North Shore residents will keep their homeowner grants this year - and will even receive a little extra.

Finance Minister Carole Taylor announced a $170,000 rise in the province's homeowner grant threshold Friday.

The threshold, that is the maximum property value at which a homeowner qualifies for the full grant, has been pushed up to $950,000 from last year's $780,000.

The grant itself is now up to $570 from $470.

The homeowner grant is designed to reduce the burden of municipal property taxes on the bulk of British Columbian homes.

A homeowner whose assessed property value falls under the threshold will have the $570 deducted from his or her 2007 property tax bill. Owners over 65, some war veterans and those with permanent disabilities receive an extra $275.

The change, made in response to soaring property assessments, is the province's fourth consecutive threshold increase. Since 2003, the threshold has risen some $369,000, an increase of more than 70 per cent.

While the majority of homeowners on the North Shore will qualify for the full benefit, a significant number - largely in West Vancouver - will still miss out.

Based on figures from the province's 2007 property tax assessment, more than 10,000 North Shore homes have passed the million-dollar mark this year, according to real estate analyst Landcor Data Corp. All told, 11,195 homes will fail to qualify for the full amount, according to the company. That's about one-fifth of North Shore homes - and well over half of West Vancouver.

(prepared by James Weldon/Vancouver Sun)