Jamaican Property Sales & Rentals
Your selection of Realtor is one of those important decisions,
as purchasing real estate is more than just finding
the right property in the right location.
There are two types of taxes levied during all Jamaica real estate transactions. The first type involves taxes levied on both the buyer and the seller when buying or selling Jamaica real estate. These are levied by the Stamp Office which handles all stamping on Jamaica real estate titles, and the Titles Office which holds copies and prepares all new Jamaica real estate titles. Below is a comprehensive list of the taxes levied during the sale of Jamaica real estate on both buyer and seller.
|
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 Government has recently announced that they will be reducing transfer taxes and the details will be soon announced.
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.