Homeowners are now eligible to receive a full grant with property values up to $1,050,000, up from the previous threshold of $950,000.

With the basic grant homeowners can receive a maximum residential property tax reduction of $570. An additional grant of $275 is available for owners who are over the age of 65, permanently disabled or eligible to receive certain war-veteran allowances.

The 2007 budget extended the additional grant to low-income homeowners who also meet the above eligibility criteria regardless of the assessed value of their home.

Residential property values in British Columbia, including new construction, have increased by 16 per cent over the past year.

If you enjoyed this article, be sure to visit CanadaOne's article knowledge base for more informative articles.