First-time Buyer Transfer Tax Exemption: Who Qualifies and What You Get
Learn if you qualify for the tax exemption on your first home purchase and how to avoid the standard transfer tax rate.
This scheme allows certain individuals buying their first home to avoid paying the standard transfer tax on the property purchase.
Who it's for
This is for people between the ages of 18 and 35 who are purchasing their very first home. To qualify, the purchase price of your new home must fall below a specific price cap.
What you get
Instead of paying the standard transfer tax rate of 2%, you pay 0%. This reduction can significantly lower the upfront costs of buying a home.
What it costs you
There is no direct fee for this exemption, but you must complete a formal declaration form at your notary to claim it.
The catch to know
The maximum price allowed to qualify for this tax break is adjusted every year. You must verify the current limit for the specific year you are buying to ensure your home qualifies.
How to apply
- Confirm you are within the required age range.
- Verify that your home's purchase price is within the current annual limit.
- Coordinate with your notary to sign the necessary declaration form.
- Complete the process during your property transfer.