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Added for You - What is Land Transfer Tax
Selling annuities and being able to sell tons of them boils down to a simple concept, being polite. We all want to be nice and want people to be nice to us but being polite is different. I have used this concept for my entire sales life and not only does it work but it becomes the basis of a business plan that is not taught in business schools. And yet it is the full basis for any successful rel
2. a total consideration of $120,000.00 would generate a land transfer tax amount of $925.00 (2nd example above);
3. a total consideration of $300,000.00 would generate a land transfer tax amount of $2,975.00 (3rd example above);
4. a total consideration of a property not containing one or two single-family residences of $450,000.00 would generate a land transfer tax amount of $5,225.00 (4th example above); and
5. a total consideration of a property containing one or two single-fami
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1. the names of the transferor(s);
2. the names of the transferee(s);
3. the legal description of the property;
4. the consideration for the transaction (amount paid for the property), including any assumed mortgages, mortgage-back, property transferred in exchange, etc.; and
5. number of single family residences (if consideration is over $400,000.00).
The consideration is necessary in order to calculate the amount of land transfer tax payable for each transaction. Once the total amount of consideration is calculated on the land transfer tax affidavit, the land transfer tax amount is calculated as follows:
a. 1/2 of 1% on the first $55,000.00;
b. 1% on the amount from $55,000.01 to $250,000.00;
c. 1 1/2% on the amount from $250,000.01 to $400,000.00; and
d. 2% on the amount over $400,000.00, if there are at least one and not more than two single-family residences on the property. Otherwise, the amount over $400,000.00 is calculated at 1 1/2%.
As a shortcut, you could calculate your own land transfer tax using the following formulas:
a. for a total consideration of $55,000.00 or less, multiply the amount by 0.005;
b. for a total consideration of $250,000.00 or less, multiply the amount by 0.01 and subtract $275.00;
c. for a total consideration of $400,000.00 or less, multiply the amount by 0.015 and subtract $1,525.00;
d. for a total consideration of over $400,000.00 and if the property does not contain at least one and not more than two single-family residences, multiply the amount by 0.015 and subtract $1,525.00; and
e. for a total consideration of over $400,000.00 and if the property does contain at least one and not more than two single-family residences, multiply the amount by 0.02 and subtract $3,525.00.
Here are some examples of purchase prices and their respective land transfer tax amounts:
1. a total consideration of $48,000.00 would generate a land transfer tax amount of $240.00 (1st example above);
2. a total consideration of $120,000.00 would generate a land transfer tax amount of $925.00 (2nd example above);
3. a total consideration of $300,000.00 would generate a land transfer tax amount of $2,975.00 (3rd example above);
4. a total consideration of a property not containing one or two single-family residences of $450,000.00 would generate a land transfer tax amount of $5,225.00 (4th example above); and
5. a total consideration of a property containing one or two single-famil
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5. number of single family residences (if consideration is over $400,000.00).
The consideration is necessary in order to calculate the amount of land transfer tax payable for each transaction. Once the total amount of consideration is calculated on the land transfer tax affidavit, the land transfer tax amount is calculated as follows:
a. 1/2 of 1% on the first $55,000.00;
b. 1% on the amount from $55,000.01 to $250,000.00;
c. 1 1/2% on the amount from $250,000.01 to $400,000.00; and
d. 2% on the amount over $400,000.00, if there are at least one and not more than two single-family residences on the property. Otherwise, the amount over $400,000.00 is calculated at 1 1/2%.
As a shortcut, you could calculate your own land transfer tax using the following formulas:
a. for a total consideration of $55,000.00 or less, multiply the amount by 0.005;
b. for a total consideration of $250,000.00 or less, multiply the amount by 0.01 and subtract $275.00;
c. for a total consideration of $400,000.00 or less, multiply the amount by 0.015 and subtract $1,525.00;
d. for a total consideration of over $400,000.00 and if the property does not contain at least one and not more than two single-family residences, multiply the amount by 0.015 and subtract $1,525.00; and
e. for a total consideration of over $400,000.00 and if the property does contain at least one and not more than two single-family residences, multiply the amount by 0.02 and subtract $3,525.00.
Here are some examples of purchase prices and their respective land transfer tax amounts:
1. a total consideration of $48,000.00 would generate a land transfer tax amount of $240.00 (1st example above);
2. a total consideration of $120,000.00 would generate a land transfer tax amount of $925.00 (2nd example above);
3. a total consideration of $300,000.00 would generate a land transfer tax amount of $2,975.00 (3rd example above);
4. a total consideration of a property not containing one or two single-family residences of $450,000.00 would generate a land transfer tax amount of $5,225.00 (4th example above); and
5. a total consideration of a property containing one or two single-fami
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As a shortcut, you could calculate your own land transfer tax using the following formulas:
a. for a total consideration of $55,000.00 or less, multiply the amount by 0.005;
b. for a total consideration of $250,000.00 or less, multiply the amount by 0.01 and subtract $275.00;
c. for a total consideration of $400,000.00 or less, multiply the amount by 0.015 and subtract $1,525.00;
d. for a total consideration of over $400,000.00 and if the property does not contain at least one and not more than two single-family residences, multiply the amount by 0.015 and subtract $1,525.00; and
e. for a total consideration of over $400,000.00 and if the property does contain at least one and not more than two single-family residences, multiply the amount by 0.02 and subtract $3,525.00.
Here are some examples of purchase prices and their respective land transfer tax amounts:
1. a total consideration of $48,000.00 would generate a land transfer tax amount of $240.00 (1st example above);
2. a total consideration of $120,000.00 would generate a land transfer tax amount of $925.00 (2nd example above);
3. a total consideration of $300,000.00 would generate a land transfer tax amount of $2,975.00 (3rd example above);
4. a total consideration of a property not containing one or two single-family residences of $450,000.00 would generate a land transfer tax amount of $5,225.00 (4th example above); and
5. a total consideration of a property containing one or two single-fami
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d. for a total consideration of over $400,000.00 and if the property does not contain at least one and not more than two single-family residences, multiply the amount by 0.015 and subtract $1,525.00; and
e. for a total consideration of over $400,000.00 and if the property does contain at least one and not more than two single-family residences, multiply the amount by 0.02 and subtract $3,525.00.
Here are some examples of purchase prices and their respective land transfer tax amounts:
1. a total consideration of $48,000.00 would generate a land transfer tax amount of $240.00 (1st example above);
2. a total consideration of $120,000.00 would generate a land transfer tax amount of $925.00 (2nd example above);
3. a total consideration of $300,000.00 would generate a land transfer tax amount of $2,975.00 (3rd example above);
4. a total consideration of a property not containing one or two single-family residences of $450,000.00 would generate a land transfer tax amount of $5,225.00 (4th example above); and
5. a total consideration of a property containing one or two single-fami
Students pursuing fulltime education often do not have the comforts of a salaried job. The cost of education is also increasing day by day. Under these conditions student loans have come to the rescue of the students to fund their education. Student loans are usually given at a low interest as it is for education. Students normally take the student loan for a period and amount depending upon their
2. a total consideration of $120,000.00 would generate a land transfer tax amount of $925.00 (2nd example above);
3. a total consideration of $300,000.00 would generate a land transfer tax amount of $2,975.00 (3rd example above);
4. a total consideration of a property not containing one or two single-family residences of $450,000.00 would generate a land transfer tax amount of $5,225.00 (4th example above); and
5. a total consideration of a property containing one or two single-family residences of $450,000.00 would generate a land transfer tax amount of $5,475.00 (last example above).
Remember that land transfer tax is payable on the day of closing and that you will need to provide your lawyer with this amount in addition to the remainder of the purchase price (subject to adjustments and any mortgages) and legal fees and disbursements.
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