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 – LAND ONY
The sale 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%
RESIDENTIAL PROPERTY – LAND + A DWELLING HOUSE (APARTMENT, CONDO, VILLA, TOWN HOUSE etc)
The sale 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%