This youtube video explains the history of the land transfer tax in Manitoba.
The following webpage describes Manitoba's land transfer tax in comparison to the country. http://www.winnipegrealestatenews.com/Resources/Article/?sysid=1605
With the recent strength in our Brandon market, and the continual growth in property values, the tax assessment offices have been 'busy', increasing assessed values to within 80-85% of actual market values year after year.create higher property taxes for the citizens of Brandon. This in tune with the City's mill rate increase over the past years (the number used in combination with the assessed value, to calculate your property tax), has created a significant hike in property taxes since I've become a homeowner in 2005. Personally, my taxes have increased approximately 50-60% in that time.
Now lets talk about small surrounding towns around Brandon, where because of our local market, they're starting to see significant price increases in their markets also. Tax assessors, nowhere to be found. We've seen properties sell 300% of their assessed value (keeping in mind, the 80-85% assessments in Brandon, this number would be 33% for the smaller markets). Usually, these are houses that have been lived in for several years without selling. Rest assured, the new owners may someday get a knock on the door from the assessment office, to notify them of their newly increased tax bill. Building a new house in a smaller area, possibly even an acreage? Be prepared to see your assessed value closer to your actual value like Brandon. Meaning, low taxes won't be part of your feature sheet.
Although I'm glad to live in a strong economy, and be able to give a significant amount of my income to personal taxes, then continue on to pay some of the highest land transfer taxes in the country, and top it off with what seems to be some of the largest property taxes in comparison with other cities, I'm personally feeling a little TAXED OUT.
Now if winter could officially end, I'm looking forward to paying tax on my golf membership!