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Reduction in Transfer Tax in 2019 (PT35)

Right now there is a lot of buzz about the Minister’s proposal regarding a reduction in the rate of transfer taxes.

But what we care about is  ” How does this really afffect my Jamaican real estate transaction”?

It is being proposed that the transfer tax rate will be reduced from 5% to 2%.

So let’s say you are selling an apartment for $18 Million JMD before Apirl 1, 2019, as the seller, you would pay the $900,000 JMD which is the equivalent of  5% of 18 Million.

Now with the proposed reduction, you’ll only pay 2% which equates to $360,000JMD after April 1, 2019.

Now, this is putting more than half-million dollars back in your pocket! So if you are thinking about selling your property give me a call at 876-513-9222 and we’ll help move it get it from For Sale to SOLD!

 

 

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Things That Can Go Wrong After A Purchase Offer Is Accepted (PT34)

Do you know that even after you Offer To Purchase has been accepted you may have to walk away from your sale?

Be prepared to walk away from your sale if you discover some major defects on the property and the seller is just unwilling to address them.

Remember most homes are sold as is!

So before you sign that Sale Agreement I strongly recommend that you do a valuation and home inspection. Once you sign that Sale Agreement the seller isn’t under any obligation to repair the home.

Do you need a professional to help you with your real estate purchase? Call Cherine Anderson at 876-513-9222 or email cherine@mypowerliving.com

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2 Additional things that could happen when you don’t pay your property taxes (PT33)

Why lose your investment for non-payment of property taxes?

So, in www.powerliving.com/pt32, we gave you 3 things that could happen when you don’t pay your property taxes. Today, I’ll give you an additional 2

When you don’t pay you, property taxes the government could

  1. Place a caveat (lien) on the property. This will prevent you from selling or using it for any business transactions.
  2. There is also forfeiture of the property—where the government seizes the property and sells it to recover the tax you owe.

Now property is big investment and your property taxes are a fraction of this investment. Be wise.

 

Need more information? Get all the details in our free ebook, How to Buy an Apartment or Condo in Jamaica.

Need help finding your new home or office? Give us a call at +18765139222 or email me at cherine@mypowerliving.com

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What happens when you don’t pay your property taxes? (PT32)

It’s always good to do the right thing, because when you’re on the wrong side of the law there are penalties.

Here are three things that can happen when you don’t pay your property taxes:

They could issue a summons to take to you to court.

They could issue Levy Warrant and seize goods or chattels and auction them and take the money from that to cover your otustanding debt.

The could also issue a Levy warrant to seize money, bonds and securities in order to cover outstanding debts.

Need more information? Get all the details in our free ebook, How to Buy an Apartment or Condo in Jamaica.

Need help finding your new home or office? Give us a call at +18765139222 or email me at cherine@mypowerliving.com

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How to get property tax relief (PT31)

Give to Caesar what is dues to Caesar but you that there are sometimes when Caesar will give back to you. Do you know that the minister could grant property tax relief to people who are having a hard time paying property taxes?

Discretionary Relief: Yes, in instances where people are having a hard time paying property taxes, A special discretionary relief may be given based on decision by KSAC Special Discretionary Relief Committee

Statutory Relief: This may be granted when the potential use of the property is higher than its current use

Reduction in rate:Now if you own agricultural land you could receive a special reduction in rate

Need more information? Get all the details in our free ebook, How to Buy an Apartment or Condo in Jamaica.

Need help finding your new home or office? Give us a call at +18765139222 or email me at cherine@mypowerliving.com

BEFORE YOU GO

Learn How To Buy An Apartment or Condo in Jamaica

This FREE (and highly resourceful) eBook will give you several tips and strategies to help you buy an apartment or condo.

I do not want to buy an apartment