Real Property Transfer Tax Low-Cost Real Property Exemption
This section provides information on eligibility for a waiver of Real Property Transfer Tax where the real property is transferred at a cost that does not exceed $30,000.
What is the Real Property Transfer Tax low-cost real property exemption?
Real Property Transfer Tax that normally applies to the registration of a deed of conveyance in Prince Edward Island is waived if the greater of either the purchase price or the assessed value of the real property does not exceed $30,000.
What if my purchase price did not exceed $30,000 but the assessed value exceeds $30,000 and I believe that the assessed value is too high?
The purchaser must pay the Real Property Transfer Tax due at the point of registration of the deed.
The purchaser can, however, request a review of the assessed value assigned to the property by contacting Taxation and Property Records at (902) 368-4070.
If, as a result of the review, the assessed value is adjusted to a value that is $30,000 or less, the effective date of the adjustment will be the date of conveyance and the purchaser can request a Real Property Transfer Tax refund by completing the Request for a Refund of Real Property Transfer Tax form.
Who should I contact if I have questions about the Real Property Transfer Tax low-cost real property exemption?
Taxation and Property Records
Phone: (902) 368-4070
Fax: (902) 368-6164