Dont forget about the PTT!!

Today I wanted to just highlight the PROPERTY TRANSFER TAX (PTT).

I get asked constantly by clients how much the PTT is, and people are constantly taken aback by what it will cost. Quite often when I bring it up, people are not  aware that it is quite often the biggest expense next to actually buying the house.

Once again for those of us that are not sure:

 

1% of the first $ 200,000 & 2% on the remaining balance.

 

That  is quite a bit of money, especially in an area where properties in excess of half a million dollars are readily available!

 

However:


As a first-time homebuyer you would be exempt from this tax if you "only" spend less than $425,000 and there is a partial exemption for homes $425,000 - $450,000.

There are a number of other exemptions and you can find them at  PPTINFO

I just wanted to bring this some attention and I hope this usefull. My point being, when you are out there just make sure you have all the information or at least have someone working for you that does!

Best,

JD

 

 

 

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