A one-time 3.1% transfer tax (of the government assessed value of the property) will be charged. This tax conveys the title from the vendor (seller) to the new buyer. Taxes are paid based on the market value of the property as determined by the tax authorities, not on the purchase price stated in the deed of sale. Tax authorities historically value properties lower than market value. Generally, this tax will be $2,000 – $6,000 US depending on the purchase price of the property.