HOW MUCH IS THE REFUND?
The amount of the refund will be the entire amount of tax paid or payable, up to a maximum of $1,725. If you own less than 100% interest in the newly-built home, the amount will be reduced and calculated according to the amount of interest in the home. For example: If you own 100% of your new home and you paid $250,000, the amount of Land Transfer Tax payable is $2,225. You will receive a refund of $1,725. If however, you owned 50% interest in your home, the amount is 50% of $1,725, or $862.50.
The amount of the refund will be the entire amount of tax paid or payable, up to a maximum of $1,725. If you own less than 100% interest in the newly-built home, the amount will be reduced and calculated according to the amount of interest in the home. For example: If you own 100% of your new home and you paid $250,000, the amount of Land Transfer Tax payable is $2,225. You will receive a refund of $1,725. If however, you owned 50% interest in your home, the amount is 50% of $1,725, or $862.50.