Assessed on real property when a deed is registered to transfer property from one party to another. Payable on closing. Based on a sliding scale of percentages Note: get expert legal advise on all matters involving the tax and any exemptions and variations that may apply due to governmental changes in policies Currently calculated as follows: .5% on the first $55,000 1.0% on portion between $55,000-250,000 1.5% on balance over $250,000 If the land falls under the definition of single-family and duplex residences, an additional tax of 0.5% applies to consideration over $400,000