WITH EFFECT FROM OCTOBER 1ST 2008, the stamp duty applicable on deeds executed for the transfer of residential properties will be as follows –
RESIDENTIAL PROPERTY (including dwelling house)
The sale or other disposal of residential properties valued at $850,000 or less SHALL BE EXEMPT from stamp duty.
The following rates of stamp duty SHALL BE payable on the sale or other disposal of residential properties (with dwelling house) whose values exceed $850,000:
- For every dollar of the first $400,000 in excess of $850,000 – 3%
- For every dollar of the next $500,000 – 5%
- For every dollar thereafter – 7.5%
RESIDENTIAL PROPERTY (land only)
The sale or disposal of residential land valued at $450,000 or less shall be EXEMPT from Stamp Duty.
- For every dollar of the first $200,000 in excess of $450,000 – 2%
- For every dollar of the next $200,000 in excess of $650,000 – 5%
- For every dollar thereafter in excess of $850,000 – 7%
N.B: RATES FOR COMMERCIAL / AGRICULTURAL PROPERTIES REMAIN UNCHANGED.