Dawgen Global

http://www.jamaica-real-estate.net/government_taxes.asp

When purchasing or selling Jamaica real estate there are several taxes that one must consider. These Jamaica real estate taxes are mandatory either during purchase or after sale and while holding the Jamaica real estate.


The tables represents the percentage due for SALE PRICE of the Jamaica real estate. For the vendor in the Jamaica real estate transaction there is one variable commission paid to a Jamaica real estate realtor to assist with the sale. And for the buyer if he/she is accessing a mortgage facility.

SELLER'S COSTS	VENDOR'S SHARE	PERCENT
Stamp Duty	½	2.75%
Registration	½	0.25%
Agreement for Sale	½	0.20%
G.C.T. (15%) Sale Price		0.03%
Transfer Tax	full	7.50%
Commission On Sale		5.00%
G.C.T. (15%) On Commission		0.75%
Approximate Sale Sub - Total		18.75%
Attorney's Fees Vary		1.50 - 3.00%
G.C.T. (15%) on Attorney's Fees		0.45%
Approximate Total Cost		20.00%
BUYER'S COSTS	BUYER'S SHARE	PERCENT
Stamp Duty	½	2.75%
Registration	½	0.25%
Agreement for Sale	½	0.03%
G. C. T. on Agreement for Sale		0.03%
Attorney's Cost		1.50 - 3.00%
G.C.T.on Attorney's Cost		0.45%
Approximate Sub- Total		5.18 - 6.68%
With a mortgage from Bank		3.00%
Approximate Total Cost		8.18 - 9.68 %

The next type of Jamaica real estate taxes are levied on the buyer for a long term. Each owner of Jamaica real estate is charged property taxes. This is done on a tiered basis, by the value of the property. Property taxes on Jamaica real estate is paid annually and also carries fines if not paid on a timely basis. The value of the Jamaica real estate property is determined by the Jamaica real estate National Land Agency.

These individuals place a ‘value’ on the property and your are then required to make your payments to clear the Jamaica real estate property taxes at the closest Jamaica tax revenue office.