What is the PTT rate on the portion of a property's value that exceeds $2,000,000 in British Columbia?
Correct Answer
C) 3%
The PTT in BC is structured in brackets: 1% on the first $200,000, 2% on the portion from $200,001 to $2,000,000, and 3% on the portion exceeding $2,000,000.
Why This Is the Correct Answer
Option C is correct because the PTT rate on the portion of a property's value exceeding $2,000,000 is 3%. This is the third bracket in BC's progressive PTT structure: 1% on the first $200,000, 2% on $200,001 to $2,000,000, and 3% on amounts above $2,000,000.
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