What's New
Property Taxes Section - 2007

Each time we change the information on our website, we record that change on this page. This lets you see at a glance what changes have been made.

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November 20, 2007:

A new brochure, Property Transfer Tax and the First Time Home Buyers' Program, has been issued to provide a general overview of the First Time Home Buyers' Program. Please click on one of the following links to view the printer friendly brochure or the colour brochure.

May 7, 2007:

Bulletin PTT 027, Improvements Straddling More Than one Parcel of Land, is a new bulletin that explains how Property Transfer Tax applies when an improvement straddles two or more parcels of land.

Bulletin PTT 028, Waiving the Assessment Period, is a new bulletin that explains how and when a waiver of the assessment period for a Property Transfer Tax Return may occur.

March 26, 2007:

The following brochures have been revised to reflect the 2007 Budget:

• Tax Benefit Programs - For Persons With a Disability
• Your 2007 Rural Property Taxes
• The Property Tax Deferment Program
• Home Owner Grant Program

 

February 20, 2007:

Provincial Budget Amendments to Tax Acts - Summary

Home Owner Grant Act:

Increase in Threshold for Home Owner Grant
Phase-out

As announced January 12, 2007, effective for the 2007 tax year, the threshold for the phase-out of the Home Owner Grant is increased to $950,000 of assessed value from $780,000 of assessed value. This change ensures that more than 95% of homeowners are eligible for the full grant.

For properties valued above the threshold of $950,000, the grant is reduced by $5 for each $1,000 of assessed value in excess of the threshold. The basic grant is eliminated for properties assessed at $1,064,000 and above, and eliminated for those recipients of the additional grant, available to seniors, veterans, and the disabled, whose properties are assessed at $1,119,000 and above.

Expansion of Eligibility to Low-Income Seniors and Others

Effective for the 2007 tax year, the Home Owner Grant is provided to some low-income homeowners who, but for the high assessed value of their home, would receive the additional home owner grant. Key eligibility criteria for the supplement are that a homeowner:

• would qualify for the additional home owner grant amount (seniors, certain veterans and certain persons with disabilities), except that their home is assessed above the threshold; and
• meets low-income criteria.

This measure ensures that low-income seniors and other qualified individuals who own and reside in properties that have increased in value beyond the threshold, but who may face financial hardship, receive some or all of the homeowner grant.

The Ministry of Small Business and Revenue will administer the program and applications must be made directly to the ministry. Further details about the program and application forms will be available before property taxes for 2007 become due.

Property Tax Deferment Program

The age at which a homeowner may begin to defer the property taxes on their principal residence is lowered from 60 to 55 years of age.

School Act

Eligible wind power projects may qualify for an exemption from School Tax on specified improvements.

Property Transfer Tax Act

Effective for registrations after February 20, 2007, the fair market value threshold for eligible residential property under the First Time Home Buyers' Program has been increased to $375,000 throughout the province.

Families purchasing homes from British Columbia affiliates of Habitat for Humanity Canada will also have greater access to the First Time Home Buyers' exemption.

Property Transfer Tax Act

On February 20, 2007, the Minister of Finance announced changes to the First Time Home Buyers' Program.

First Time Home Buyers' Program - Thresholds

Effective for registrations after February 20, 2007, the fair market value threshold for eligible residential property under the First Time Home Buyers' Program is increased and will apply throughout the province. The new threshold will be $375,000 which is increased from $325,000 in the Capital Regional District, Fraser Valley Regional District and Greater Vancouver Regional District, and from $265,000 in all other areas of the province. A proportional exemption is provided for eligible residences that have a fair market value of up to $25,000 above the new threshold.

First Time Home Buyers' Program - Habitat for Humanity

Under the First Time Home Buyers' Program, eligible purchasers can claim an exemption from property transfer tax if the fair market value of the home is less than the threshold amount. Effective for registrations after February 20, 2007, families purchasing homes from British Columbia affiliates of Habitat for Humanity Canada (Habitat) will have greater access to the First Time Home Buyers' exemption. Persons who purchase homes from Habitat will be eligible for the exemption if the principle amount of the first mortgage registered against the property by Habitat is less than the threshold.

January 19, 2007:

Bulletin PTT 005, Exemptions for the Transfer of a Principal Residence, has been revised to include additional information on the exemption for the transfer of a principal residence to a related individual.

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