BY JANICE L PAPP, May 19, 2017
Welcome back! My last “blog” introduced you to the Property Transfer Tax (“PTT”) which is payable in most instances where there is a change to a property title. There are, however, exemptions to the payment of tax.
Several common exemptions fall under the heading of “Family” exemptions. For instance, if a related individual transfers a principal residence or an interest in the principal residence to you, you “may” be exempt from paying the PTT. Those people considered to be a related individual are:your spouse,... Continue reading