Home Owner Grant Changes
2006 Budget Changes
Home Owner Grant Act
On February 21, 2006, the Minister of Finance announced changes to the grant amount and the phase out threshold for the Home Owner Grant.
Effective for the 2006 tax year, the basic home owner grant increases to $570 from $470 and the additional grant will increase to $845 from $745.
The phase out threshold of the home owner grant increases to $780,000 from $685,000. The grant phase out rate continues at $5 per $1000 of assessed value above the threshold.
A partial grant will apply to properties valued between $780,000 and $894,000. For seniors and other home owners receiving the additional grant, a partial grant will be available for properties valued up to $949,000.