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Purchase Tax |
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Along with the tax imposed on the seller, a tax – called Purchase Tax - is also imposed on the buyer of real property. This tax has a variable rate, as follows:
• The tax on the lot is 5% of the value of the purchase
• The purchase of a building that is not commercial property requires a tax of 3.5% of the building’s value
• The tax imposed on an apartment dwelling is graduated:
o Up to a predefined purchase price, only 0.5% of the value of the purchase
o From that amount up to predefined higher amount, 3.5% of the value of the purchase
o In excess of that amount, 4.5% of the remaining balance
Handicapped persons, families who have lost loved ones, and new immigrants are entitled to a discount on the amount of purchase tax; they pay a reduced amount of only 0.5%. An additional discount exists for the transfer of property without charge from one family member to another; in such cases, the Purchase Tax imposed on the buyer is equal to one third of the Purchase Tax that would have been required had the purchase been from a seller who was not a family member |
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