Dear Watson Properties subscribers,
Good news for first time home buyers! The Minister of Finance, Enoch Godongwana, announced during the budget speech which took place on the 22nd of February 2023 that the transfer duty brackets will be increased by 10%. As of the 1st of March 2023, properties with a purchase price of R1 100 000.00 or lower will be fully exempt from transfer duty and properties sold between R1 100 001 and R1 512 500 will be liable to pay 3% of the value above R1.1 million. In essence R1.1 million of any property purchase price is tax-free.
Above is a table of the revised 2023/24 transfer duty brackets, compared to the 2022/23 fiscal year:
Thank you for your continued support, and we'll be back soon with more updates.
Best regards,
Watson Properties