You pay Property Transfer Tax when you purchase or acquire an interest in a property. The tax must be paid when you register changes to a certificate of title with the Land Title Office. For example, a change may include adding or deleting a name from the title.
Property Transfer Tax is different from property tax. You pay property tax on an annual basis for services you receive from your local government, even if no money changes handsExemptions - 1st time home Buyers that meet the following requirements;
•For registrations on, or after, February 20 2008, the fair market value threshold for eligible residential property is $475,000.
A proportional exemption is provided for eligible residences with a fair market value of up to $25,000 above the threshold (i.e. up to $500,000).
What's the difference between Assessed Value and Market Value?