We try to make it easy for our clients to calculate some of their closing costs – below is a Land Transfer Tax calculator.
When figuring out all the extra fees you have to pay as part of your closing costs when finalizing the purchase of a home, you must remember the Land Transfer Tax! It is calculated as follows:
- 0.5% on the first $55,000 of the value of the home purchased,
- 1% up to and including $250,000 of the value of the home which exceeds the first $55,000, and
- 1.5% of the value of the house which exceeds $250,000, and
- 2% of the amount by which the value of the home exceeds $400,000 for land that contains at least one and not more than two single family residences.