Property Transfer Tax

Bolld Real Estate ManagementBUYERSProperty Transfer Tax

Property Transfer Tax

Property Transfer Tax is payable by the Buyer when they make a purchase on a property, it is a land registration tax. It must be paid when an application for a taxable transaction is made at any Land Title Office in British Columbia to register changes to a certificate of title. Property Transfer Tax is payable on the fair market value of the property being transferred.

Property Transfer Tax is calculated as follow:

1% on the first $200,000 of the fair market value (which is usually the agreed price)

and 2% on the balance.

Example:

Agreed price on property is $1,000,000

1% on first $200,000 = $2,000

2% on balance ($800,000) = $16,000

Total: $18,000

*First-time Homebuyers incentives

For more info on Property Transfer Tax, please go to:http://www.sbr.gov.bc.ca/business/property_taxes/property_transfer_tax/ptt.htm

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