Stamp Duty Budget Changes for 2011

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The Minister announced in the December budget that he has reduced the stamp duty on residential property sales to 1%for prices up to €1 million. This should help people who are trading up or trading down.

Stamp duty rates were up to 9% before the budget. Property prices in excess of one million will attract a rate of 2%. This is good news for the property business.

However, the only catch is that it will apply to first time buyers also. The first time buyer has now been brought into the net. The cost for a typical started home will be about 250,000. All existing exemptions for stamp duty on residential property will be abolished.

This reduction in stamp duty rates should help to kick-start sales in the spring. Anyone thinking of moving house will not be inclined to wait any longer, as the uncertainty concerning stamp duty has been removed.

The government is to introduce a flat- rate property tax of €100 from 2012, rising to €200 from 2013.


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