- Discover Hampstead
Did you know? The phrase «welcome tax» has a history which came about for reasons other than a «greeting» tax for new residents. Back in 1976, a new method of municipal financing was proposed by a liberal minister named Jean Bienvenue and, when adopted, became known as «la taxe de Bienvenue». Because «bienvenue» translates to «welcome» in English, the tax became known as the «welcome tax».
The property transfer duty is calculated on the higher of the following values:
1. «consideration» (sale price)
2. «market value»
3. «valuation roll»
Where «market value» is represented by the value of the property found on the current evaluation roll multiplied by a comparative factor designed to reflect the up-to date market and/or replacement value. This comparative factor is:
> 1 for 2020
> 1.06 for 2021
> 1.18 for 2022
Mutation effective 1st January 2022
> ½ of 1% on the first $53,200 of the property value (maximum of $266);
> 1% of the next $213,000 of the property value (maximum of $2,130);
>1 ½ % of the next $266,100 of the property value (maximum of $3,991.5)
>2 % of the next $532,300 of the property value (maximum of $10,646)
>2 ½ % on the property value over $1,064,600.
Property transfer duties are payable in a single instalment due 30 days after the invoice date.
For any exoneration of duties as stipulated in the deed of sale, the Town reserves the right to request supporting documents.