Vancouver Realtor Anna Labadze 604.782.3552 www.dreamrealestate.ca
The amount of tax due depends on the fair market value of the property that is transferred:
- If the fair market value is $200,000 or less, the tax is 1% of the fair market value
- If the fair market value is greater than $200,000, the tax is 1% of the fair market value up to $200,000, plus 2% on the portion of the fair market value that is greater than $200,000
- if fair market value of property is $150,000
tax payable is: 1% of $150,000 = $1,500
- if fair market value of property is $250,000
tax payable is: 1% of $200,000 = $2,000
plus 2% of $50,000 = $1,000
for total tax payable of $3,000
First Time Home Buyers' Program
Introduced in 1994, the First Time Home Buyers' Program is designed to help British Columbians purchase their first home. Under the program, eligible purchasers can claim an exemption from Property Transfer Tax if the fair market value of the home is less than the threshold amount.
For registrations on, or after, February 20 2008, the fair market value threshold for eligible residential property is $425,000.
A proportional exemption is provided for eligible residences with a fair market value of up to $25,000 above the threshold (i.e. up to $450,000).
For more info you can visit: http://www.sbr.gov.bc.ca/individuals/Property_taxes/Property_Transfer_tax/ptt.htm