Land Transfer Tax

 

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The tax rates on the value of the consideration are:

Percentage Explanation
0.5%
amounts up to and including $55,000
1.0%
amounts exceeding $55,000 up to and including $250,000
1.5%
amounts exceeding $250,000
2.0%
amounts exceeding $400,000 where the land contains one or two single family residences

 

For the Value of the Consideration: Formula
up to and including $55,000 LTT = VC × 0.005
exceeding $55,000 and up to $250,000 LTT = (VC × 0.01) – $275
exceeding $250,000, for property other than residential LTT = (VC × 0.015) – $1525
exceeding $250,000 up to $400,000, for residential property LTT = (VC × 0.015) – $1525
for residential property exceeding $400,000 LTT = (VC × 0.02) – $3525