WHEREAS many senior residents of British Columbia have owned and lived in their home for more than twenty years, paid property taxes and intend to continue to live in their home; AND WHEREAS senior residents have experienced an extraordinary rise in their property assessments over the past twenty years; AND WHEREAS due to the high assessed value of their property, some senior property owners do not meet the requirements for additional Home Owner Grant and it is a hardship for them to pay their property taxes without the grant: THEREFORE BE IT RESOLVED that the Union of British Columbia Municipalities urge the provincial government to amend the Home Owner Grant Act to allow all senior property owners to claim the full additional Home Owner Grant.
Ministry of Finance In Budget 2008 the province raised the home owner grant HOG threshold for the fifth consecutive year, to 1,050,000 in assessed property value. More than 95 percent of homeowners continue to be eligible for the full HOG. For recipients of the additional grant i.e. seniors, veterans and the disabled a partial grant is available for those whose homes are valued at more than 1,050,000 but less than 1,219,000 in assessed value. In addition, Budget 2007 extended the eligibility requirements for the HOG to ensure that low income seniors who would qualify for the additional HOG but for the assessed value of their homes will receive the additional grant. This measure ensures low income seniors and other qualified individuals who own and reside on properties that have increased in value beyond the threshold, but who may face financial hardship, receive some or all of the HOG. The income levels to qualify for this benefit are based on the income levels for premium assistance under the Medical Services Plan. Budget 2007 also reduced the age at which homeowners may begin deferring their property taxes from 60 to 55. The Property Tax Deferment Program allows qualifying individuals to defer payment of their property taxes at a low rate of interest until they sell or transfer their home other than to a surviving spouse. While not all homeowners qualify for the HOG, the government continues to believe that the some restrictions on eligibility are appropriate. Further, the government believes that extending the eligibility requirements for the HOG to ensure low income seniors and other qualified individuals receive the additional grant, and expanding eligibility for the Property Tax Deferment Program, will go a long way towards addressing the housing challenges faced by seniors.