- 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:
> 1.06 for 2021
> 1.18 for 2022
> 1.0 for 2023
Rates effective as of January 10, 2023
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.
Transfer of Immoveables Disclosure