Property assessment, municipal taxes and transfer tax

Property Assessment

Online Evaluation Unit (Acceo Mobile)

Centered on the evaluation unit, it is a one-stop shop that allows various clients to obtain information on a property’s municipal taxes, as well as certain other complementary aspects such as cartography, photos and regulations. The way to get it is simple and consistent and the content is according to the type of user.

This tool therefore allows a great flexibility and it gives autonomy to the professionals who use it.

Who is it for?

  • Professional version (on registration, for notaries, real estate agents, land surveyors, certified appraisers, lawyers or any other related professionnals)
  • Free public version (free, but under certain restrictions)

Municipal taxes**: payment in three installments

Town of Brome Lake property tax accounts are payable in several installments each year. In 2020, the payment dates will be:

  • 1st installment: February 26th 2020
  • 2nd installment: June 17th 2020
  • 3rd payment: September 16th, 2020

Payment methods :

** The Town of Brome Lake announces that it will extend by three months the tax relief measures introduced earlier this year to address the consequences of the COVID-19 pandemic. Scheduled to end on September 30, these measures will be maintained until December 31, 2020, following a decision made by elected officials at the last monthly meeting.

The initiative now covers amounts to be collected between June 1st and the end of this year. For example, taxpayers, both residents and businesses, will not be charged interest or penalties for late payment of the third instalment of the municipal tax bill, which is due on Wednesday, September 16.

Read the full press release.

Transfer taxes: a tax payable on the purchase or transfer of any immovable anywhere in Québec

In accordance with the Provincial Real Property Transfer Act, Town of Brome Lake must collect a toll on the transfer of any immovable property located on its territory. Read the by-laws here (in French). Often called “welcome tax”, it must be paid to the municipality by any new purchaser of a building on its territory. Transfer fees are normally invoiced at the time of the transaction to your notary and are payable to the municipality within 30 days.

However, there are exceptions where the purchaser may be exempted, where:

  • The tax base is less than $ 5,000,
  • It is a transfer between parents, either in an ascending or descending direct line (son, daughter, father, mother), between spouses, between stepfather or stepmother and son-in-law or daughter-in-law, between stepfather and stepmother and stepson,
  • The transfer of real property to his company by a shareholder owning more than 90% of the shares in the company or vice versa.

Several other situations of exemption are provided for in the Act respecting duties on transfers of immovable property. Your notary can provide you with information or consult the Government of Quebec’s website.

Make sure your mailing address is up to date on your notarized contract to avoid any delay in your payment. Do not hesitate to question your notary for all questions concerning transfer taxes.

How to calculate the right of transfer

The taxable amount is the higher of the following amounts:

  • The amount of the consideration provided for the transfer of the immovable,
  • The market value of the immovable at the time of transfer (standardized value).

Since January 1, 1992, the tax on real estate transfers is calculated at the following rates:

  • On the first tranche of the tax base of $ 51,700: 0.5%,
  • On the portion of the tax base of more than $ 51,700 but not exceeding $ 258,600: 1%,
  • On the portion of the tax base that exceeds $ 258,600 but not exceeding $ 500,000: 1.5%,
  • On the portion of the tax base of more than $ 500,000 but not exceeding $ 750,000 : 2.0%,
  • On the portion of the tax base of more than $ 750,000 but not exceeding $ 1,000,000 : 2.5%,
  • On the portion of the tax base that exceeds $ 1,000,000: 3.0%.

Example of a calculation for an imposed value of $ 350,000:

The first $ 51,700 at 0.5% = $ 258.50
The excess of $ 206,900 to 1.0% = $ 2,069
The excess of $ 258,600 or $ 91,400 to 1.5% = $ 1,371