2023 Budget News! - Transfer Duty

by Adebah Constant • 1 MIN • 174 Words

2023 Budget News! - Transfer Duty
2023 Budget News!

The Finance Minister, Mr Godongwana, announced in the Budget Speech 2023, that Transfer Duty brackets will be increased by 10%. This will allow more South Africans to enter the property market.

Properties with a purchase price of R 1,100,000 or lower are to be fully exempted from Transfer Duty. The new threshold will be effective from 01 March 2023. The previous threshold was R,1000,000. 

 Value of property (R) Rate
               1 –   1 100 000                   0%
 1 100 001 –   1 512 500                   3% of the value above R1 100 000
 1 512 501 –   2 117 500                   R12 375 + 6% of the value above R1 512 500
 2 117 501 –   2 722 500                   R48 675 + 8% of the value above R2 117 500
 2 722 501 – 12 100 000                   R97 075 + 11% of the value above R2 722 500
12 100 001 and above                      R1 128 600 + 13% of the value exceeding


                                                                                                        [Ref: Getgo Bonds & STBB] 



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2023 budgetfinance ministertransfer dutyvalue of propertybudget speech
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