Good News for First Time Buyers

The Ministry of Small Business and Revenue have made changes as of February 20, 2008 in the threshold provided to the first time homebuyers for property transfer tax. this break has been increased from $375,000 to $425,000. This means that those who are first time homebuyers will not have to give property transfer tax if the the price of the home being purchased is $425000 or less.

However, those who are not the first time buyers and before owned a property anywahere in the world, full property transfer tax applies. There is a specific formula for it's calculation depending upon the price of a property, but generrally speaking it is 1% on the first $200,000 and 2% on the balance of the purchase price.

please download  this PDF file for the detailed report and exemption qualification to the firstime home buyers.