2022 PROPERTY TAX TRANSFER CALCULATOR
BC PROPERTY TRANSFER TAX CALCULATOR 2022
PROPERTY TRANSFER TAX
GOODS & SERVICES TAX
FREQUENTLY ASKED QUESTIONS
What is the tax rate for property transfer tax?
For most residential properties, the property transfer tax rate is:
1% on the first $200,000,
2% on the portion of the fair market value greater than $200,000 and up to and including $2,000,000,
3% on the portion of the fair market value greater than $2,000,000, and
If the property is residential, a further 2% on the portion of the fair market value greater than $3,000,000 (effective February 21, 2018).
What property value is used to calculate PTT tax?
Generally most residential homes registered with land title office will use the transaction value or Fair Market Value as the basis to calculate the PTT.
Why is the BC Assessment Value not used for Property Transfer Tax?
For most homes registered with land title office and advertised for sale, the Fair Market Value is used. However, in some situations the Property Assessment Value may be used –for example: a Corporation does not advertise and transfers property in a non-open market.
Does the seller pay any property transfer tax in BC?
In BC, the property transfer tax is paid by the person/company that the property is transferred to; In other words, the Buyer pays the PTT. A common question people ask is why the seller doesn’t contribute to the transfer tax. The answer is that they do….the seller paid the transfer tax when they originally bought the property. The confusion comes from internet articles based in the United States. In the US, depending on the state, sometimes the seller pays and sometimes the buyer pays; Fortunately it is much simpler in BC – the new owner pays the PTT.
Is Property Transfer Tax paid yearly?
No. Many people confuse Property Tax which is paid yearly and is a municipal city tax. Property Transfer tax is not the same and is only paid when you purchase or gain an interest in property. You typically hire a lawyer or notary who helps you pay property transfer tax and filing a property transfer tax return. In most cases, property transfers are completed by a legal professional.
Author: Meryl Hamdillah is a licensed REALTOR with Sutton WestCoast Group and an active community writer. If you are planning to buy or sell real estate in Coquitlam/Tri-Cities or Metro Vancouver areas and want to stay up to date in the market or a property, feel free to call or text 604-307-9506
NOTE: PROPERTY TRANSFER TAX CALCULATOR (PLEASE READ)
This property transfer tax calculator has been provided for entertainment purposes only. It should not be used as a substitute for professional advice from a lawyer or accountant.
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