There are a few factors that determine how much tax you are going to have to pay when it comes to your property transfer tax.
1.) You pay 1% tax on any property up to and including $200,000.
2.) You pay 2% tax on the remainder.
For example:
If you were to buy a property for $200,000, you would have to pay 1% on that property which would be a total of $2000.
If you were to buy a property for anything over $200,000 say $400,000 you would pay 1% on the first $200,000 ($2000) and 2% on the remaining $200,000 ($4000) for a total of $6000.
First Time Home Buyer (FTHB)
If you are a FTHB and buying a property you are exempt from the property transfer tax up to a certain price on a property. Anything up to and including $425,000 you can purchase and not have to pay the property transfer tax. Any price from $425,000 to $449,000 you are discounted to a certain degree and once you hit $450,000 you are paying full tax rates. See chart below:
Purchase Price Exemption Amount Tax Amount Payable
$425,000.00 $6,500.00 $0.00
$426,000.00 $6,259.20 $260.80
$427,000.00 $6,016.80 $523.20
$428,000.00 $5,772.80 $787.20
$429,000.00 $5,527.20 $1,052.80
$430,000.00 $5,280.00 $1,320.00
$431,000.00 $5,031.20 $1,588.80
$432,000.00 $4,780.80 $1,859.20
$433,000.00 $4,528.80 $2,131.20
$434,000.00 $4,275.20 $2,404.80
$435,000.00 $4,020.00 $2,680.00
$436,000.00 $3,763.20 $2,956.80
$437,000.00 $3,504.80 $3,235.20
$438,000.00 $3,244.80 $3,515.20
$439,000.00 $2,983.20 $3,796.80
$440,000.00 $2,720.00 $4,080.00
$441,000.00 $2,455.20 $4,364.80
$442,000.00 $2,188.80 $4,651.20
$443,000.00 $1,920.80 $4,939.20
$444,000.00 $1,651.20 $5,228.80
$445,000.00 $1,380.00 $5,520.00
$446,000.00 $1,107.20 $5,812.80
$447,000.00 $832.80 $6,107.20
$448,000.00 $556.80 $6,403.20
$449,000.00 $279.20 $6,700.80
$450,000.00 $0.00 $7,000.00