In the 2012/2013 Budget Communication presented by the The Right Honourable Prime Minister Perry Christie, the Government communicated its intention to amend the Stamp Act and the Real Property Tax Act.
These amendments are now reflected in the Stamp (Amendment) Act, 2012 (which took effect as of the 1st July, 2012) and the Real Property Tax (Amendment) Act, 2012 (which will come into effect on 1st January, 2013), and are set out below.
STAMP (AMENDMENT) ACT, 2012
The maximum level of stamp tax payable on real estate transactions have been reduced from 12% to 10%. Accordingly, the new stamp duty rates are as follows:
For every deed of Conveyance, Assignment or Transfer of realty or personalty where the amount or value of the consideration:-
- Does not exceed $20,000.00...4%
- Exceeds $20,000.00 and does not exceed $50,000.00............6%
- Exceeds $50,000.00 and does not exceed $100,000.00..........8%
- Exceeds $100,000.00............10%
REAL PROPERTY TAX (AMENDMENT) ACT, 2012
The annual real property tax payable in respect of owner-occupied property (other than that part of the market value of the property which is exempt) has been capped at $50,000.00.
Consequently, the current rates of taxes on owner–occupied property based on the market value of the property are as follows:
- In respect of the first $250,000.00......................Exempt
- Exceeds $250,000.00 but does not exceed $500,000.00... 0.75%
- Exceeds $500,000.00.............1% (subject to a maximum of $50,000.00)
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
