Transfer fess will be the biggest tax payment you will have to make. This is calculated as follows
Property up to €85,500 will pay 3% on every thousand Euro of purchase.
Property from €85,001 to €171,000 will pay a further 5% on every thousand Euro of purchase.
Property from €171,001 will pay a further 8% on every thousand Euro of purchase.
Example of a property valued at €250,000:
3% ON €85,500 = €2,565
5% ON €85,501 TO €171,000 = €4,275
8% ON THE REMAINING €84,490 = €6,760
Total €13,600
However it is beneficial if a property is in joint names. The Purchase price is then divided between both parties. Example working on the presumption that the property is €250,000 in joint names:
Property of €250,000 will be calculated at €125,000 per owner.
€125,000 will be calculated: 3% on the €85,500 = €2,565 and 5% on remaining €39,500 = €1,975
The total transfer fees €9,080