What is the maximum percentage that a municipality may charge for deed transfer tax under the Municipal Government Act?

The maximum percentage that a municipality may charge for deed transfer tax under the Municipal Government Act is 1.5%. This tax is a key source of revenue for municipalities, and the legislation establishes this cap to provide a level of consistency and predictability for property buyers and sellers. By setting a limit of 1.5%, the Act helps to ensure that the tax does not become overly burdensome on property transactions while still allowing municipalities to generate necessary funds for local services and infrastructure. Understanding this limit is crucial for real estate professionals, as it directly impacts the overall cost of purchasing a property in the municipality.