Transfer duty on property purchases will kick in at a higher rate from 1 March after National Treasury adjusted the property value bands upwards by 10%. However, the tax rates themselves have not been changed.
As a result, you will start paying transfer duty on a property valued at R1.1 million, instead of R1m.
Treasury said the adjustment has been made to compensate for inflation.
The new property value bands are set out in the table below.
