The Infamous "Welcome Tax": What You Need to Know
After buying a house, it’s not uncommon to receive a bill from the municipality a few months later: this is the real estate transfer tax, more commonly known as the Welcome Tax.
This tax, in effect since 1976, applies when a property is transferred (through a sale, transfer, donation, or exchange). It is only payable once, usually between the 3rd and 6th month after signing at the notary’s office.Key points to remember:
The amount can easily reach several thousand dollars.
Payment must be made in a single installment within 30 days of receiving the bill.
Terms vary by city: payment may be made online, in person, or by mail.
In short, the Welcome Tax is an unavoidable cost in any real estate transaction. It’s best to factor it into your budget to avoid any surprises.