To calculate the total Land Transfer Tax(LTT) payable for residential properties, add the following together:
0.5% on the first $55,000
plus 1.0% of the amount from $55,001 to $250,000
plus 1.5% of the amount in excess of $250,001 to $400,000
plus 2.0% of the amount in excess of $400,000
OR
use the following table:
Purchase Price
Calculation of LTT
0 – 55,000
.005 x Amount
55,001 – 250,000
(.01 x Amount) minus 275
250,001 – 400,000
(.015 x Amount) minus 1,525
400,000 +
(.02 x Amount) minus 3,525
If the purchase price falls within this range, then apply formula to purchase price
(e.g. on a $175,000 home (.01 X 175,000) minus 275=LTT)
