{"id":697,"date":"2010-02-09T14:25:51","date_gmt":"2010-02-09T20:25:51","guid":{"rendered":"http:\/\/www.montreal-realestate.ca\/english\/?p=697"},"modified":"2019-03-11T21:14:47","modified_gmt":"2019-03-11T21:14:47","slug":"transfer-duties-increase-on-property-values-500000-in-montreal","status":"publish","type":"post","link":"https:\/\/www.montreal-realestate.ca\/english\/transfer-duties-increase-on-property-values-500000-in-montreal\/","title":{"rendered":"Welcome Tax Increases in Montr\u00e9al"},"content":{"rendered":"<p>The Act respecting duties on transfers of immovables allows Ville de Montr\u00e9al, by by-law, to raise its taxation rate for immovables with a value of more than $500,000.<!--more-->\u00a0Every municipality must collect duties on the transfer of any immovable situated within its territory. These land transfer duties are better known as the \u201cWelcome Tax\u201d ( Put in place by M. Bienvenu). The buyer\u2019s are liable for paying such tax.<\/p>\n<p><strong>The buyer pays the greatest of the following amounts:<\/strong><\/p>\n<ul>\n<li>The price paid;<\/li>\n<li>The amount of the consideration stipulated in the act of sale, if different from the price paid;<\/li>\n<li>The market value of the property at the time of its transfer, i.e. the value entered on the property assessment roll multiplied by the comparative factor.<\/li>\n<\/ul>\n<p><strong>After establishing the first step, the following must be calculated:<\/strong><\/p>\n<ul>\n<li>0.5% of the first $50,000<\/li>\n<li>1% of the next $50,000 to $250,000<\/li>\n<li>1.5% of any portion exceeding $250,000<\/li>\n<li>2% of the portion exceeding $500,000 (for the City of Montr\u00e9al)<\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.montreal-realestate.ca\/english\/wp-content\/uploads\/2010\/02\/pic-for-Feb09.10.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-702\" title=\"pic for Feb09.10\" src=\"https:\/\/www.montreal-realestate.ca\/english\/wp-content\/uploads\/2010\/02\/pic-for-Feb09.10-300x240.jpg\" alt=\"pic for Feb09.10\" width=\"300\" height=\"240\" srcset=\"https:\/\/www.montreal-realestate.ca\/english\/wp-content\/uploads\/2010\/02\/pic-for-Feb09.10-300x240.jpg 300w, https:\/\/www.montreal-realestate.ca\/english\/wp-content\/uploads\/2010\/02\/pic-for-Feb09.10.jpg 360w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p><script type=\"text\/javascript\">\/\/ < ![CDATA[\n\/\/ < ![CDATA[ google_ad_client = \"pub-7319641113368718\"; \/* 300x250, created 12\/17\/08 *\/ google_ad_slot = \"6530772108\"; google_ad_width = 300; google_ad_height = 250; \/\/ ]]><\/script><br \/>\n<script src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\" type=\"text\/javascript\"><\/script><\/p>\n<p><script type=\"text\/javascript\">\/\/ < ![CDATA[\n\/\/ < ![CDATA[ google_ad_client = \"pub-7319641113368718\"; \/* 300x250, created 12\/17\/08 *\/ google_ad_slot = \"6530772108\"; google_ad_width = 300; google_ad_height = 250; \/\/ ]]><\/script><br \/>\n<script src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\" type=\"text\/javascript\"><\/script><\/p>\n<p><strong>Example:<\/strong><br \/>\nA property is sold for $265,000. The value of the property entered on the property assessment roll is $260,000 and the comparative factor is 1.02.<\/p>\n<p>The basis of imposition is therefore established at $265,200, i.e. the highest of the sale price ($265,000) and the market value of the property (Value of the property entered on the property assessment roll multiplied by the comparative factor: $260,000 x 1.02 = $265,200)<\/p>\n<p><strong>The transfer duties payable to the municipality will total $2,478, i.e.:<\/strong><\/p>\n<ul>\n<li>0.5% of the first $50,000 = $250<\/li>\n<li>1% of the next $50,000 to $250,000 = $2,000<\/li>\n<li>1.5% of the portion exceeding $250,000 = $228<\/li>\n<\/ul>\n<p><!-- BEGIN: Constant Contact HTML for Send Page to Friend --><br \/>\n<a href=\"http:\/\/ui.constantcontact.com\/sa\/fp.jsp?plat=i&amp;p=f&amp;m=jix8ysbab\"><span style=\"text-decoration: underline;\">Send Page To a Friend<\/span><\/a><br \/>\n<!-- END: Constant Contact HTML for Send Page to Friend --><\/p>\n<p>I added this article because I love real estate and educating people on the matter. If you would you like me to work for you, call me <a href=\"tel:514-402-8444\">514-402-8444<\/a> or <a href=\"mailto:jenn@montreal-realestate.ca\"><span style=\"text-decoration: underline;\">EMAIL ME<\/span><\/a>!<\/p>\n<p>To search properties go here <a href=\"http:\/\/www.montreal-properties.com\">www.Montreal-Properties.com <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Act respecting duties on transfers of immovables allows Ville de Montr\u00e9al, by by-law, to raise its taxation rate for immovables with a value of more than $500,000.<\/p>\n","protected":false},"author":2,"featured_media":8558,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","sfsi_plus_gutenberg_text_before_share":"","sfsi_plus_gutenberg_show_text_before_share":"","sfsi_plus_gutenberg_icon_type":"","sfsi_plus_gutenberg_icon_alignemt":"","sfsi_plus_gutenburg_max_per_row":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,6],"tags":[],"class_list":["post-697","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-home-buying-selling","category-real-estate-investing"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - 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