| Share | Rate | On $900,000 |
|---|---|---|
| Municipal | 0.72% | $6,503 |
| Education | 0.26% | $2,380 |
| Seniors housing | 0.01% | $115 |
| Total | 1.00% | $8,999 |
| City | Rate | On $900,000 |
|---|---|---|
| Whitecourt | 0.99% | $8,875 |
| Innisfail | 0.99% | $8,885 |
| Sylvan Lake | 1.00% | $8,999 |
| Edmonton | 1.04% | $9,327 |
| Blackfalds | 1.04% | $9,353 |
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 Sylvan Lake apart from its neighbours is not closing costs: it is its property tax rate.
Sylvan Lake does not divide its residential class: a duplex, a triplex and a fourplex are all taxed at the same rate, 1.00%. 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.
Sylvan Lake's rate is 1.00%. On a $900,000 plex that is $8,999 a year.
No. Sylvan Lake does not divide its residential class: a duplex, a triplex and a fourplex are all taxed at the same rate, 1.00%.