New exemption program for 2019

A new real estate exemption system will take effect as of January 2019.

When a person or a couple buys their first home with a value of up to $300,000, they will receive a three-year exemption, as long as it is registered as a family property or main residence.

There will no longer be exemptions of 5, 10 and 20 years, but the exemptions previously granted will remain in force.

Taxpayers who have their main home in a horizontal property regime with the exemption in place should consider whether it is better for them to maintain that status and continue paying 1% on the value of the property, as it is now,  or register their property as a family asset, giving up the remaining years of  the exoneration.

If the value of the land and improvements is less than $ 120K, it would be beneficial to apply for the new rate.

See chart below: