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 FIN 274, Additional Property Transfer Tax Application for Refund Complete This Form to Apply for a Refund of the Additional Prop 2017

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looking to reduce closing costs on your first home purchase the BC government is proposing two exemption changes to the property transfer tax effective April 1st 2024 number one the firsttime home buyers program will be enhanced raising the exempt threshold from $500,000 to $835,000 the initial $500,000 of property value will be tax exempt with a complete elimination at $860,000 and will be taxed on a sliding scale number two firsttime home buyers of newly built homes including pre sales will'll see the exemption threshold increase from $750,000 to $1.1 million this change allows buyers to consider larger condos or even Town Homes without incurring property transfer tax which results in significant Savings of thousands of dollars for more information regarding these changes and other proposed changes in the 2024 BC budget don't hesitate to contact me

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