| Share | Rate | On $900,000 |
|---|---|---|
| Municipal | 0.42% | $3,735 |
| Education | 0.26% | $2,319 |
| Seniors housing | 0.01% | $74 |
| Total | 0.68% | $6,129 |
| City | Rate | On $900,000 |
|---|---|---|
| Sturgeon County | 0.66% | $5,962 |
| Calgary | 0.66% | $5,985 |
| Okotoks | 0.68% | $6,129 |
| Airdrie | 0.69% | $6,196 |
| Red Deer County | 0.71% | $6,382 |
Alberta levies no land transfer tax, provincial or municipal. At closing there are two Land Titles registration fees: $50 plus $5 for each $5,000 or portion thereof of the land value, and the same on the mortgage principal.
On a $900,000 building financed at 80%, that comes to $1,720 in all. Bought with cash, the same building costs only $950: the second half of the line follows the mortgage, not the price. For comparison, the same building in Vancouver would pay a five-figure transfer tax. So what sets Okotoks apart from its neighbours is not closing costs: it is its property tax rate.
Okotoks does not divide its residential class: a duplex, a triplex and a fourplex are all taxed at the same rate, 0.68%. That is not the case everywhere in Alberta, where each council decides, and where a fourplex changes rate in Edmonton, Red Deer, Lethbridge and Stony Plain.
Okotoks's rate is 0.68%. On a $900,000 plex that is $6,129 a year.
No. Okotoks does not divide its residential class: a duplex, a triplex and a fourplex are all taxed at the same rate, 0.68%.