PTT-Property Transfer Tax
Property Transfer Tax
Effective for registrations on and after February 19, 2014, the Property Transfer Tax exemption threshold under the First Time Home Buyers’ Program is increased to $475,000 from $425,000, with the partial exemption/phase out applying between $475,000 and $500,000.
The government estimates that approximately 1,700 first-time buyers will benefit this year, saving an average of $4,000 at a cost to government estimated at $8 million.
Home Owner Grant
For the 2014 tax year, the Home Owner Grant threshold for phase out will be decreased from $1,295,000 to $1,100,000. For properties valued above the threshold, the grant is reduced by $5 for every $1,000 of assessed value in excess of the threshold. The threshold captures at least 93.8% of homeowners as opposed to 95% previously. The measure is estimated to provide an additional $11 million in revenue.
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