The Low Income Property Tax Grant Supplement allows low income seniors to supplement their home owner grant if it’s been reduced or eliminated because of the high assessed value of their principal residence. This is a common issue in the Vancouver area, as the home owner grant on property taxes is eliminated if the value of the property is greater than $1,200,000 (which many will fall under). This supplement is equal to $845, a a welcome benefit for low income seniors. To qualify you must meet the following conditions:
- Qualify for the home owner grant for seniors (own your residence, live in it, and be over 65)
- Have a property with an assessed or partitioned value over $1,200,000
- Have an adjusted net income of $32,000 or less
You must apply for the home owner grant, and the low income grant supplement separately. To qualify for the grant you just apply by December 31 of the current year. However, there is also a Retroactive Low Income Grant Supplement if you were eligible for the prior year but did not claim it. The retroactive application must also be received by the end of the current tax year, but note that it can only go back one year, not multiple.
For more information check out the BC Government‘s webpage on this grant.