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Property Transfer Tax Exempt on New Construction

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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.

This entry was posted on April 11th, 2016 by Megan Bartsch - REALTOR® | Posted in General

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Property Transfer Tax Exempt on New Construction

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