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By Adriana Noton
If you have recently bought your own piece of property, you may consider applying for a land transfer tax refund for first-time homebuyers. Each purchase of ground requires the payment of a land transfer tax and if you are a new buyer, you can get a rebate on this amount. You should submit your claim at the same time that the property is registered.
As a new buyer you may be unaware or unfamiliar with the procedure of asking for a transfer tax return, but your lawyer will be able to assist you with this process. If you have only discovered this information and did not claim when you first registered, you may apply directly to the Ministry of Revenue.
There are some criteria that need to be met for you to be deemed eligible for a return. You need to be older than eighteen years of age. The newly purchased property must be your primary residence for at least nine months after the transmission date. This has to be your first homeowner purchase. Having previously purchased a home or co-owned a home would negate your claim.
Your spouse must also be a new homeowner and if they have co-owned a previous residential property while being married to you, then you are also unable to claim a tax return. This rule applies no matter whether the previously owned property was in the same state or in a completely different country.
If the property was owned prior to your marriage, then you can still claim a tax return as a married couple. A spouse is defined as a person you have been legally married to and co-habiting with for an uninterrupted period of no less than three years. There are two effective ways in which to claim a tax return. The first is by filling in the required areas of the electronic affidavit during electronic registration.
If you are registering the traditional way, by filling in forms at your local land registry office, you would complete the land reassignment tax refund affidavit in much the same way as the electronic forms, but submit them manually. This should be done within no more than eighteen months of the purchasing of the property and the reassignment date for you to qualify.
If you try to apply after the eighteen-month period, then your claim will be rendered null and void. This refund is applicable to pre-existing and newly built homes. The maximum amount that may be claimed is $2000 and no interest is payable on this amount. Eligible properties include a detached or semi-detached house, a townhouse, a mobile home, a condominium unit, a housing unit owned by a corporation or a duplex, triplex or fourplex property.
Further qualification requisites are that the owner takes up residence in the property for no less than nine consecutive month after the date of transfer. The process of applying for a land transfer tax refund for first-time homebuyers is relatively straight forward, so long as the applicants adhere to the clear cut guidelines and submit true and correct information.
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Source: isnare.com
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