Understanding New Property Tax Regulations

Buying or selling property involves more than agreeing on a price. It helps to understand the taxes and fees that may apply before completing a transaction.

Taxes When Buying

Buyers should budget for land registration fees and other applicable charges. The amount can vary by location, property value, and the rules in effect at the time of registration.

Taxes When Selling

A seller may owe capital gains tax if the property is sold for more than its purchase value. The amount depends on factors such as ownership period and the applicable tax rules.

Annual Property Tax

Property owners may also need to pay tax to their local municipality. Before buying or selling, confirm the latest rates and clear any outstanding dues with the relevant offices.