| Share | Rate | On $900,000 |
|---|---|---|
| Municipal | 0.68% | $6,140 |
| Education | 0.28% | $2,528 |
| Seniors housing | 0.02% | $207 |
| Total | 0.99% | $8,875 |
| City | Rate | On $900,000 |
|---|---|---|
| Medicine Hat | 0.96% | $8,595 |
| Red Deer | 0.97% | $8,756 |
| Whitecourt | 0.99% | $8,875 |
| Innisfail | 0.99% | $8,885 |
| Sylvan Lake | 1.00% | $8,999 |
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 Whitecourt apart from its neighbours is not closing costs: it is its property tax rate.
Whitecourt does not divide its residential class: a duplex, a triplex and a fourplex are all taxed at the same rate, 0.99%. 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.
Whitecourt's rate is 0.99%. On a $900,000 plex that is $8,875 a year.
No. Whitecourt does not divide its residential class: a duplex, a triplex and a fourplex are all taxed at the same rate, 0.99%.