Property Tax Adjustments for #Kelowna #Real Estate

If your real estate deal is:

  • Closing before JUNE 1st….. then the BUYER SHOULD PAY TAXES (SELLER is debited  prorata)
  • Closing between JUNE 1st and JULY 2nd…  then call your Real Estate Lawyer and we will adjust, negotiate and discuss
  • Closing after July 2nd…. then the SELLER SHOULD PAY TAXES (Buyer is debited prorata) (Seller should pay before July 2nd to avoid late penalties)

Note in ALL cases a per diem adjustment is done by the real estate lawyers… meaning each party pays a daily rate for taxes for the time period while they lived in the property.

With respect to Home Owner Grants, the parties can ONLY adjust based on the actual home owners grant that may be claimed… So, for example, if a Senior sells their property on April 1st to a non-resident, no Home Owner Grant is deducted on the property tax adjustment as a non-resident cannot claim any HOG.

Questions?  Contact us at 250-762-5434 or lawyers@pihl.ca

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