What is Land Transfer Tax?
It is a govenment tax calucation on a tiered system of calculation based on the purchase price of a property.
Who pays this tax?
Buyers NOT Sellers pay tax on the purchase price of the property.
Is the tax calculated on resale properties or new property?
The tax is calculated and paid on all property transactions whether resale or first time on the market.
Are there any exemptions?
Currently, first time Buyers of any property, resale or new, can be exempt up to a total of $2,000.00. If your partner has owned a property before and you have not, only you are eligible for the tax exemption of $1,000.00. It only applies to a person that has never held ownership of property.
Calculate the cost of Land Transfer Tax on your property purchase.
(For illustrative purposes only. Actual calculation by your solicitor may be different. Contact your legal advisor with any questions regarding Land Transfer Tax )