Tax Relief for Buyers in 2023!
First time buyers and investors welcome the National Treasury's 10% upward adjustment to transfer duty brackets! The recent budget speech has delighted us with news that they will be increasing the purchase property value, of transfer duty payable for properties from 1 million to 1.1 million.
So what does this mean for you?
If you are currently in the market for a property with a budget of 1 million - you can now increase your budget with R100 000 and keep clear from paying any transfer duty. This means that first time buyers and investors can save on Transfer Duty costs from the 1st of March.
What is Transfer Duty?
Transfer Duty is a tax levied on the value of any property acquired by any person by way of a transaction or in any other way.
If you've got a bigger budget in mind - take a look at these options as an investment or your first time purchase with no Transfer Duty Costs.
02 Mar 2023
Author Realtors Group
