Important Changes to the Property Transfer Tax


Tuesday, February 18th, 2003

The Provincial Government budget announced Tuesday contains changes to the

Sun

The major change is with respect to the maximum fair market value of the
property, which was set at $275,000.00 for properties in the Greater
Vancouver Regional District. Effective February 19, 2003 (yesterday), a
property with a fair market value of up to $25,000.00 more will be eligible
for a proportionate amount of the exemption.

For complete details, go to: www.rev.gov.bc.ca and pick Property
Taxation Branch from the listing on the right hand side. From here select
Property Transfer Tax from the listings in the center. You will now see the
page with the heading “Changes Introduced in 2003 Provincial Budget”. In
this article you will notice a reference to “Bulletin 04″. If you click on
Bulletin 04 (Adobe Format), you should be able to view the 13 pages of
detailed information on the First Time Home Buyers’ Program.

We are preparing a detailed memorandum summarizing all the changes which
will be added to our website next week. We will let you know when that page
is ready.

Should you have any further questions, please feel free to contact me by
phone or email.

Tony Spagnuolo
Direct Phone: 604-949-7306
Email: [email protected]

BELL SPAGNUOLO LEGAL OFFICES
“the leaders in residential real estate”

Office Phone: 604-461-2024
Office Fax: 604-461-8976
Office Email: [email protected]
Website: www.bellspag.com

 

Changes to Property Transfer Tax First Time Homebuyers Exemption

Effective February 19, 2003 the
PPT Exemption rules have been amended.

In order for your clients to obtain the FULL exemption the purchase price must not exceed

$275,000

in the GVRD, Fraser Valley and Capital Region Districts.

A PARTIAL exemption is now available for homes between $275,000 and $300,000.

Example:

Purchase Price of $285,000
PTT previously would have been $3,700 is now reduced to $1,480

 

Please review the bulletin from the
Ministry of Provincial Revenue at
www.gov.bc.ca/rev

or for further information please call

George Sandor
604.780.0321

 



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