Feb 24 2011
2011 Transfer Duty Threshold
Posted in Property Finance
Home buyers and investors were given a welcome break in the 2011 Budget when Finance minister Pravin Gordhan announced that no transfer duties will be paid when buying a property up to R600 000 on purchase agreements concluded on or after February 23rd, 2011 – raising the threshold from R500 000.
This is a saving of up to R9 000 on the costs of purchase.
Transfer duty will be payable at a rate of 3% to the value from R600 001 to R1 000 000; an amount of R12 000 plus 5% to the value between R1 000 000 and R1 500 000; and an amount of R37 000 plus 8% to amounts above R1.500 000 for properties that cost more than R600 000.
Source: The Real Estate Doctor