Real Estate agents....can u explain land transfer tax?

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They just stuck us with another Carbon Tax increase on April 1, and the Capital Gains tax rate is going up another 17% on anything over 250K this June.
 
2% in manitoba. That’s 14,000 on 700,000 home.
I bought 20 years ago,50 acres,6 outbuildings,and. 1200 sq foot bungalow. basically a farmyard for cheap. Its more than doubled now.
And im breaking off the farmland. Bank appraisal doesent change. Go figure.
 
Here in Alberta there is no transfer tax, but the transfer fees are $50 plus an additional $5 per $5,000 of the property's purchase price for the title transfer. So on a $750,000 home, the $50 base fee plus $750 for a total of $800.00.
 
CFD244 said:
They just stuck us with another Carbon Tax increase on April 1, and the Capital Gains tax rate is going up another 17% on anything over 250K this June.
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We can avoid the capital gains tax although if the money from a sold residence is spent on a home of equal or greater value
 
Tooljunkie said:
2% in manitoba. That’s 14,000 on 700,000 home.
I bought 20 years ago,50 acres,6 outbuildings,and. 1200 sq foot bungalow. basically a farmyard for cheap. Its more than doubled now.
And im breaking off the farmland. Bank appraisal doesent change. Go figure.
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Here in the lower mainland, $700k will buy you a 525sq ft condo. Annual property taxes of $2k. Monthly maintenance fee of $350. Property transfer tax on that $700k is 2%. That 2% goes to $2M at which point it’s 3% over $2M.

You want a house? Double that and it will get you an 80 year, 2k sq ft house on a 5k sq ft lot with annual property taxes of $5k.

In 2021 the Province collected a little over $3B of revenue from the property transfer tax.
 
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doing the math - $44,000 on $700,000 is 6.3%!!!! I think somebody got their math wrong! 1.5% on $700,000 is $10,500...
 
They get you coming and going, one way or the other, both parties are being bent over the table.
 
4spdragtop said:
Bad enuf with over inflated real estate prices, I need a garage extension and the permits, fees, taxes, material it's ridiculous. I bet I'll be $25-30k adding 3-400 sq ft. So we look for "something else" and the LTF is out to fn lunch. Let alone the house price.
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Yep I’m trying to build an entire house… it’s nuts
 
I woulda figured that living in a land full of Canadians would kept the property values down more than that... :poke:
 
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I don't know about where you all live but here in Missouri if you don't pay your real estate taxes after the 3rd year they take your home from you. Doesn't matter if you have it paid off or not you truly never own it.
 
What state has county income taxes?

I've never heard of that.

Anywhere I've lived, the county gets your real estate taxes.
 
YY1 said:
What state has county income taxes?

I've never heard of that.

Anywhere I've lived, the county gets your real estate taxes.
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I've never heard of county income taxes either. Same here, the county gets your real estate taxes, except for the school taxes those go to the state of Missouri and then the state gives each school district x number of dollars. I think that each county should keep their own school taxes.
 
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