Request for Comments on Proposed Change to Transfer Duties for Properties valued at more than $ 500 000.

For your information, the municipal council will evaluate at its August 7, 2018, meeting draft bylaw number 1080-18 to change the transfer duties for properties valued at more than $500,000.

As of this year, the transfer duties set by the Province are as follows:

  • Properties valued equal or less than $ 50,400: 0.5%
  • Portion of properties valued at more than $50,400 but equal or less than $ 251,800: 1%
  • Portion of properties valued at more than $ 251,800: 1.5%

The Province now allows municipalities to set the rate above $500,000.  As a result, Council is proposing the following rates:

  • Portion of properties valued at more than $500,000 but less than $1,000,000 : 2.5%
  • Portion of properties valued at equal or more than $1,000,000 : 3.0%

The Municipality invites comments on the proposed changes by email to the following address:  info@chelsea.ca or by phone at 819-827-1124 x 200.   To be considered, comments should be provided no later than August 6, 2018.