Definition : Standardized value

The Act respecting duties on transfers on immovables obliges local municipalities to collect a duty on the transfer of any immovable situated on their territory. Taxable to the purchaser, this right is called "welcome tax" not to qualify a sign of hospitality but in memory, perhaps a little in derision, of the minister of municipal affairs at the time, Jean Bienvenue. It is a significant source of revenue for municipalities. As a general rule, the duties on transfer of immovables tax account will be sent to you a few weeks after your acquisition. You will then have thirty (30) days to pay it.  Before acquiring a property, it would therefore be wise to provide for the payment of this right, in your budget in the same way as notary and real estate brokerage fees. Must appear at any request for registration of a transfer in the land register, the amount payable is generally provided for in the deed of sale. It should be noted, however, that the treasurer of the municipality has the power to revise the amount payable if he considers that it has been incorrectly calculated. This situation frequently occurs, in the context of the purchase of a new property for which the assessment roll does not yet include any entry of value, an information necessary for the calculation of the right. Keeping the roll up to date will then allow the treasurer to calculate the transfer duty in accordance with the Act.