Finance Minister Tito Mboweni has announced that properties costing R1m or less will no longer be subject to transfer duty. The announcement was made during his 2020 Budget Speech in Parliament. The threshold limit for transfer duty exemption was previously R900,000.   The new Transfer Duty tariffs effective from 1 March 2020 are as follows: ``` <td> <p><strong>Value of the property (R)​​</strong></p> </td> <td> <p><strong>​Rate</strong></p> </td> </tr> <tr> <td> <p>​1 - 1000 000​</p> </td> <td> <p>​0%</p> </td> </tr> <tr> <td> <p>1 000 001 - 1 375 000</p> </td> <td> <p>​3% of the value above R1 000 000</p> </td> </tr> <tr> <td> <p>1 375 001 - 1 925 000</p> </td> <td> <p>​R11 250 + 6% of the value above R 1 375 000</p> </td> </tr> <tr> <td> <p>1 925 001 - 2 475 000</p> </td> <td> <p>​R44 250 + 8% of the value above R 1 925 000</p> </td> </tr> <tr> <td> <p>2 475 001 - 11 000 000</p> </td> <td> <p>​R88 250 +11% of the value above R2 475 000</p> </td> </tr> <tr> <td> <p>​11 000 001 and above</p> </td> <td> <p>​R1 026 000 + 13% of the value exceeding R11 000 000</p> </td> ```

Author: Agent Advice

Agent Advice