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British Columbia Property Taxes

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Property Transfer Tax

All properties in BC are subject to a Property Transfer Tax. The tax is one percent of the fair market value up to $200,000, plus two percent on the portion of the fair market value that is greater than $200,000.

For example:

SALE PRICE: $500,000

1% ON $200,000 = $2,000
2% ON  $300,000 = $6,000

TOTAL TAX PAYABLE: $8,000

First-time homebuyers are often eligible for an exemption from the Property Transfer Tax on principal residences when certain conditions are met. If your are interested in further information on whether you can qualify for the exemption, please contact one of our associates!

GST

Property Taxes

Your lawyer or notary will adjust your annual municipal property taxes at the time of closing. If the property is your principal residence, you may be eligible for a Homeowner’s Grant. If you are under the age of 65, this grant may reduce your property taxes by several hundred dollars. If you are over the age of 65, your taxes may be reduced even further. This Homeowner’s Grant does not apply to revenue properties, or on properties exceeding a certain assessed value.

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