w roberts

Considering buying a PT property..... the house is some 20 years old and was built, all legally, by the vendor. I know about property transfer tax, but read somewhere on the net ( sadly not bookmarked by me ) that this PTT tax is not payable on the FIRST sale of a property??? In other words... if you were to buy a brand new home from a developer...or indeed in my case ... it is the FIRST sale of this property ( albeit 20 years old).

Anyone have any more info on this?
my thanks in advance w roberts

TonyJ1

As in many facets of life, it depends. If it is your permanent home (rather than a secondary residence), the transfer costs are slightly less and you can get a 3 year annual property tax holiday (equivalent to the UK council tax). This depends on the property tax value. Above certain amounts (offhand, I think €125,000) there is no exemption.

On the islands, this value is slightly higher. The property tax value has nothing to do with the price paid, but is calculated arithmetically in terms of a law using factors established therein (though the revenue authorities calculate this value incorrectly).