Property Transfer Tax Rates

The amount of tax due depends on the fair market value of the property that is transferred:
  • If the fair market value is $200,000 or less, the tax is 1% of the fair market value.
  • If the fair market value is greater than $200,000, the tax is 1% of the fair market value up to $200,000, plus 2% on the portion of the fair market value that is greater than $200,000.
For example:
  • if fair market value of property is $150,000
    tax payable is: 1% of $150,000 = $1,500

  • if fair market value of property is $250,000
    tax payable is: 1% of $200,000 = $2,000
    plus 2% of $50,000 = $1,000
    for total tax payable of $3,000