Land transfer tax, or property tax, is a tax on the purchase of a property. The tax amount varies and is based on where the property is located and its value. If you’re a first-time buyer, you may be eligible for a refund or a reduced payment on your land transfer tax. The tax is sometimes tiered, requiring you to pay a certain percentage up to a particular purchase price and then a greater percentage on a certain amount on top of that. To compute your property tax, the province and the property’s asking price. If either of the two options in the boxes below apply to you, check them off as well.