Up to what fair market value can an eligible buyer claim a full exemption from general Property Transfer Tax under BC's newly built home exemption?
Correct Answer
C) $1,100,000
Property Transfer Tax Act s. 12.01 sets the qualifying value for the newly built home exemption at $1,100,000, and s. 12.02 fully exempts an eligible buyer of a qualifying new home up to that value. Between $1,100,000 and $1,150,000 only a partial exemption applies.
Why This Is the Correct Answer
Section 12.01 defines the qualifying value as $1,100,000; at or below that the exemption is full.
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