5 Surprising Property Transfer Tax Facts

The Property Transfer Tax (PTT) is charged on all homes at a rate of 1% on the first $200,000 and 2% on the remaining value.

The PTT must be paid each time a property changes hand in the development process.

1. When a developer buys raw land, the developer pays the PTT.

2. When a builder buys lots from a developer, the builder pays the PTT.

3. When a home buyer buys a home from the builder, the home buyer pays the PTT.

4. When the buyer moves – to a bigger home or downsizes to a smaller home, or buys a similar home due to a job transfer – they pay the PTT.

5. This unnecessarily adds many thousands of dollars to the cost of buying the same home.

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