How is Property Transfer Tax (PTT) Calculated and What You Need to Pay?

1% on the first $200,000 of the fair market value;

2% of the fair market value greater than $200,000 and up to and including $2,000,000;

3% of the fair market value greater than $2,000,000;

An additional 2% is applied on residential properties greater than $3,000,000

Example 1: When buying a condo with a value of $500,000, the calculation would be as follows:

The first $200,000 is taxed at 1%: ($200,000 * 0.01) = $2,000.

The remaining $300,000 is taxed at 2%: ($300,000 * 0.02) = $6,000.

The total Property Transfer Tax for this property is ($2,000 + $6,000) = $8,000.

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