| Share | Rate | On $900,000 |
|---|---|---|
| Municipal | 1.12% | $10,077 |
| Education | 0.27% | $2,409 |
| Seniors housing | 0.02% | $166 |
| Total | 1.41% | $12,651 |
| City | Rate | On $900,000 |
|---|---|---|
| Brooks | 1.12% | $10,035 |
| Cold Lake | 1.13% | $10,210 |
| Morinville | 1.15% | $10,324 |
| Grande Prairie | 1.22% | $10,949 |
| Wetaskiwin | 1.41% | $12,651 |
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 Wetaskiwin apart from its neighbours is not closing costs: it is its property tax rate.
Wetaskiwin does not divide its residential class: a duplex, a triplex and a fourplex are all taxed at the same rate, 1.41%. 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.
Wetaskiwin's rate is 1.41%. On a $900,000 plex that is $12,651 a year.
No. Wetaskiwin does not divide its residential class: a duplex, a triplex and a fourplex are all taxed at the same rate, 1.41%.