Property Transfer Tax Exempt on New Construction
- The Newly Built Home Exemption reduces or eliminates the amount of PTT a purchaser pays when purchasing a newly built home, including houses, apartments and townhomes.
- The purchaser is not required to be a first time home buyer to qualify for the Newly Built Home Exemption.
- Purchasers buying a newly built home pay no PTT on homes with a purchase price of $750,000 or less, but they pay full PTT on homes with a purchase price above $800,000.
- Purchasers claiming the Newly Built Home Exemption must live in the home for at least at least the first year after purchasing the home.