First Time Home Buyers’ Exemption Amounts
June 2nd, 2016
If you qualify for the first time home buyer’s exemption, the amount of property transfer tax you pay depends on:
- the fair market value of the property
- the percentage of the property transfer eligible for the exemption
- when the the property was registered
The exemption amount is deducted from the amount of tax you would normally pay. Find out how much tax is payable if the property transfer is:
Note: If your property was registered on or before February 18, 2014, the amount of tax payable may be different. Find out the amount of your exemption.
Below is the amount of tax payable if 100% of the property transfer is eligible for the First Time Home Buyer’s Exemption.
| Fair Market Value | Exemption Amount | Tax Payable |
| Less than $475,000.00 | Full amount of tax normally due | $0 |
| $475,000.00 | $7,500.00 | $0.00 |
| $476,000.00 | $7,219.20 | $300.80 |
| $477,000.00 | $6,936.80 | $603.20 |
| $478,000.00 | $6,652.80 | $907.20 |
| $479,000.00 | $6,367.20 | $1,212.80 |
| $480,000.00 | $6,080.00 | $1,520.00 |
| $481,000.00 | $5,791.20 | $1,828.80 |
| $482,000.00 | $5,500.00 | $2,140.00 |
| $483,000.00 | $5,208.80 | $2,451.20 |
| $484,000.00 | $4,915.20 | $2,764.80 |
| $485,000.00 | $4,620.00 | $3,080.00 |
| $486,000.00 | $4,323.20 | $3,396.80 |
| $487,000.00 | $4,024.80 | $3,715.20 |
| $488,000.00 | $3,724.80 | $4,035.20 |
| $489,000.00 | $3,423.20 | $4,356.80 |
| $490,000.00 | $3,120.00 | $4,680.00 |
| $491,000.00 | $2,815.20 | $5,004.80 |
| $492,000.00 | $2,508.80 | $5,331.20 |
| $493,000.00 | $2,200.80 | $5,659.20 |
| $494,000.00 | $1,891.20 | $5,988.80 |
| $495,000.00 | $1,580.00 | $6,320.00 |
| $496,000.00 | $1,267.20 | $6,652.80 |
| $497,000.00 | $952.80 | $6,987.20 |
| $498,000.00 | $636.80 | $7,323.20 |
| $499,000.00 | $319.20 | $7,660.80 |
| $500,000.00 | $0 | $8,000.00 |