How much will stamp duty be in 2022?
The amount that you have to pay for stamp duty completely depends on the location of your family home. In 2021, the average stamp duty amount was 4.2%, a 1% difference from the last ten years. There is no telling if this number will increase, decrease, or stay the same during 2022.
There are stamp duty online calculators that you can use to estimate the amount of taxes you have to pay. However, they are not entirely accurate as the percentage amount is subject to change. In larger and more populated cities, for example, stamp duty is often more.
You will need to know the price of your home or the value over time to estimate the stamp duty that is due at the end of the year. There are also additional government fees depending on the type of land that you purchase as well as the location.
Did you know that there are stamp duty exemptions? These exceptions, however, are not a consistent thing. Instead, it depends on the state government. When the pandemic was at its worst, the Victorian government allowed a 50% on stamp duty for a particular area.
Stamp Duty Conclusion
Stamp duty can be very confusing! If you are unsure of how much money in taxes you will need to pay, there are easy to use calculators online. If this concept is still confusing to you, we recommend getting in touch with our Mortgage House experts, who can better explain stamp duty and additional government fees.